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The Nile: Egypfs 
lifeline under 
threat. Page 23 


0No. 30,402 


Mont 


lusij 

•y^ 


ESS NEWSPAPER 

fovember 1987 


D 8523 A 


World News 


France and 
Iran move 
to break 
deadlock 

France and lran appear to have 
nude significant progress to 
resolve their diplomatic dead- 


resolve their diplomatic dead- 
lock. It could eventually lead to 
normalisation of relations. 

Concrete signs of a break- 
through emerged last night 
when Mr Wahid Gazji, believed 
to be number two at the Iranian 
embassy in Paris, finally agreed 
to be questioned by a French 
magistrate about the . terrorist 
bombings which shook the 
French capital in 1965 and 1986. 

Meanwhile, the French consul 
in Tehran appeared before a spe- 
cial tribunal there, according to 
the Iranian news agency. Page 

Polish turnout 

A total of 65 per cent of the 
Polish electorate had turned out 
by 6 pm yesterday in the 
national referendum on speeding 
up the government's economic 
reforms as well as cautious polit- 
ical changes. Final results are 
expected this evening. Page 2 \ 

Airliner missing 

A South Korean airliner with 97 
passengers and 20 crew disap- 
peared over Burma during a 
flight from Baghdad to SeouL 
Korean Airlines said the Boring 
707 lost radio contact as it 
approached Bangkok for a 
refuelling stop. 

Bodies recovered 

In South Africa's worst air disas- 
ter, five bodies have been recov- 
ered from the Indian Ocean after 
a South African Airways Boeing 
'747 with 160 passengers ana 
crew crashed In deep waters 130 
miles north east of Mauritius. 

Ozal claims victory 

Turkish Prime Minister Turgot 
Ozal said his conservative Moth- , 
erland Party was heading for | 
victory in the parliamentary 
election. He said results so fkr 
showed “we will be the parly In. 
power aloneV 

JYIjJMHT fOCKSt oRaCIC •. ■ 

Moslem, guerrillas 
rocket near, a hall 
where the Afghai 
et-backed leader 


Business Summary 


OECD cash 
flow crisis 
looms after 
US cuts 

THE ORGANISATION for Eco- 
nomic Co-operation and 
Development, the industrial 
count ries* leading economic pol- 
icy institution, could, run out of 
cash next month as a result of 
the budget difficulties in Wash- 
ington and long overdue pay- 
ments from the US. page 24 

EUROPEAN Monetary Sys- 
tem; Central banks acted last 
week to try to reduce the 
build-up of pressure caused by 
further dollar weakness. The 
West German Bundesbank cut its 
securities repurchase Tate, the 
Bank of France responded with a 
similar move in its money mar-, 
ket intervention rate and the 
Dutch authorities reduced sev- 
eral key rates, including the dis- 
count rate. Finally, the Belgian 
central bank cut its three-month 
.Treasury bEQ rate. 

These allowed the French franc 
a brief respite although pressure 
started to mount again on Fri- 
day, pushing the franc below the 
Belgian franc in the table, with 
the D-Mark finishing at its best 
level of the week. 

The dollar continued to lose 
ground against the D-Mark ami, 
m the absence of farther prog- 
ress towards implementing 
recently announced cuts in the 
US budget deficit, there were 
Increasing signs that further cuts 
would be necessary to defend' 
existing Ecu parities. 

EMS 27 November 1987 l| 

mm 

-i i » — m 


Haiti cancelseiections 
as violence mounts 





gss v.v • . 


BY CANUTE JAMES IN JAMAICA. 

THE HAITIAN Government has 
cancell e d the first free presiden- - 
rial elections in 80 years, due to 
be held yesterday, as violence 
intensified, claiming at least 27 
lives on Saturday night and Sun- < 
day morning. 

The cancellation of the elec- 
tions is a victory for the army- : 
dominated interim government : 
which has been running the 
country since the Duvaiier dicta- i 
torship collapsed last year. It dis- 1 
solved the Independent Electoral i 
Council, the body responsible far : 
organising yesterday's poIL 

m a decree read over national i 
television, the National Govern- 1 
ing Council accused the Electoral 
Council of action that "endan- 1 
gas the unity of the nation and t 
invites the intervention of for- t 
eign powers in the country's 
internal affairs" and of violating l 
even its own electoral laws. 1 


Army officers, including Gen 
Henri Namphy, chief-of-staff, 
recently Indicated that they had 
little intention of honouring a 
promise to give way to an 
elected government next Febru- 


The cancellation of the voting 
followed increased violence in 
the Caribbean republic, with gre- 
nade and gunfire attacks on Sec- 
tion offices by roving gangs. 
Between 15 ana 20 people were 
reported killed on Saturday 
night and Sunday morning. 
Thirty people were confirmed 
dead m election-related violence 
last week. 

Heavy gunfire was heard in 
the capital, Port-au-Prince, yes- 
terday and the streets were des- 
erted. 

Voting had already been post- 
poned in parts of the country 
because of aftanYa on voting sta- 


tions and candidates. Two presi- 
dential candidates have Deen 
murdered in the last three 
months. 

The violence is the week of 
supporters of former President 
JeaivClaude Duvaiier, who fled 
the country in February, 1966, 
after a wave of popular protest 
toppled the dictatorship started 
by his father. 

The gangs instigating the vio- 
lence were organised by former 
members of the Tonton 
Macoutes - the militia created by 
the Duvaiier family - and by 
members of the army. Hundreds 
of former mihUamen have been 








'MfZ 






ry 


Heavy gunfire was heard in secreted in the army during the 
» capital, Port-au-Prince, yes- past year, almost doubling its 
rday and the streets were des- 6,000-man strength. 




Members of toe election coun- 
cil have frequently accused the 

Continued on Page 24 




Latin debtor nations 
join forces to demand 
renegotiated terms 


BY DAVID GARDNER IN ACAPULCO 


Dtorgsnea . 

Una . f. 

PnkknNaMflr 1 
eoupwv 1 


LATIN AMERICA'S biggest for- 
eign debtors are to. seric negotia- 
tions with their creditors in 
which they will demand sharply 
lower interest rates on their 
debts and cuts in debt service 
payments to reflect the dimin- 
ished market value of their debt 

It is the first time Latin Amer- 
ica's debtor countries have 
threatened, in a conciliatory tone 
but with unmistakable intent, to 
take unilateral action against 
creditors if their demands are 
not met 

This was the main outcome of 
an historic summit here of the 
presidents of the recently consti- 
tuted GrOup of Eight - Brazil, 


mi 



foreign debt of over SSSBbu. 

Traa is the closest the region 
has come to setting up a "debt- 
ors' cartel" since the foreign drift 
crisis brake in Mexico In August 
1962. Since then, each country 
has negotiated individually with 
creditors, who have adhered 
tenaciously to a case-by-case 
approach to debtors’ difficulties. 

The Latin American leaders 
aim, in effect, to halve the bur- 
den of their countries' debt ser- 
vice. 

The summit was the first in 
which Latin America’s leaders 
had met to discuss their prob- 
lems outside the confines of the 
US-dominated Organisation of 
America States COAS). 

These countries have taken the 


collective decision to seek radi- 
cally -improved debt service 
terms ana to support each other 
If this leads to confrontation 
with creditor banks or Govern- 
ments. 

On the one hand they are call- 
ing for interest rates to be cut to 
the real levels of the late 1970s, 
when the US prime rate was 
around half its present level It 
was then that the vast majority 
of the money now owed was bor- 
rowed and thus when the repay- 
ment flows were calculated. 

The countries have also 
decided to insist on a debt ser- 
vice level which reflects the 
devaluation of the principal of 
their debt in the secondary mar- 
ket, where the paper of the large 
'debtors - Brazil, Mexico and. 
Argentina, which**. alone owe' 
S270bn - arils at around half of 
its nominal value. - ■ 

. "The market says the, Latin 
American, debt is not worth 
$400bn, but S200bn. You have 
two wires of responding to it; 
reduce the interest rate or reduce 
the stock fof the debt). If we 
believe in the market, then wire 
don’t we follow it?,' said Mr 
Enrique igle fil as, the Uruguyan 
Foreign Minister and former 
Head of the UN Economic Com- 
mission far Latin America. 

President Raul Alfonaln of 
Argentina told his colleagues 
that he wanted the eight coun- 
tries to adopt as their central 
negotiating demand a 4 per cent 
ceuing on interest rates, accord- 



country’s leader Ramiz Alia said 
on the 75th adversary of Alba- 
nian independence. 

Ferry tragedy 

Nearly 100 people were missing, 
feared drowned, when an over- 
crowded river ferry capsized 
after a collision about luO km 
north of Dhaka, Bangladesh. 

Parisians protest 

Tens of thousands of 


concern, has signed a letter of 
Intent to acquire li W writogg, 
specialist in the design and con- 
struction of petrochemical, refi- 
nery and .other energy-related 
projects. Page 26 

AGBNCE HAVAS, French 
advertising agency privatised 
earlier this year, experts profits 
for 1988 to rise by around 20 per 
cent after an upgrading of earn- 
ings forecasta for the current 
year. Page 27 

West German 




THE 

MONDAY 

PAGE 

BfflffiYffiw. 

David Buchan talks 
to Peter Levtute, 
Headsfths 
Procurement 
E x ec utive at tire 
HbfMtyflf 
Defence, Page 6 


Africa; Debtors seek a way out 


Man ag em e nt: Moulding the in tern a t io n al 

manager .. , ... 20 

BdtiA in dustr y; Bridging the manufac- 
turing gap ... 22 

Edit(ttlale(Nniae>rrtiThepre8mzre(m]ra^ 
Airline choices-, Competition rules .... — 22 

The Nile: Egypt's lifeline under threat 
. from draught 23 

Lex: Tricky times forOpec — 24 
S ur v e y: Northern England Bection ID 


■outers enter a Fort aa Prince polling station where 14 people were killed yesterday 
during abortive presidential etecdoM 


i presidential elections 


ing to ministers attending the 
summit He said, however, he 
would not insist on this demand 
if there was no dear majority In 
its favour. 

The final agreement says the 
countries will show solidarity 
with other debtors which "could 
find themselves obliged to take 
unilateral measures" to get their 
drift service reduced to such lev- 
els which would permit renewed 
economic development. 

Although the meeting’s decla- 
ration - and the ministers them- 
selves - are vague an what forms 
such solidarity would take, the 
summit was characterised by an 
almost self-conscious feeling of 
unity and an unusual clarity of 
strategy. 

Mr Lyiz Cargos Brewer Pereira, 
Brazil's Finance Minister, said 
there had to be a discount for 
the region's debtors. Speaking 
before leaving for New York and 
negotiations with Brasil creditors 
beginning on Tuesday, he said: 
"Can Argentina, Brazil and Mex- 
ico pay the interest on their drift 
at present rates and grow and 
have price stability? I say no; the 
banks say they can If you accept. 
that these countries have to have 
growth and price stability then 
you have to have a discount on 
thedebt" 

The Acapulco Pact, also com- 
mits the countries to promoting 
a reconstruction programme for 
Central America to underpin the 
peace process there. 


Dollar may 
plumb new 
depths as 
fears grow 

By Janet Bush In New York snd 


FOREIGN EXCHANGE trad- 
ers are braced for a volatile 
week during which many 
expect to see the dollar test 
new lows as the US Con- 
gress starts to flesh out the 
agreement on cutting the 
c ountr y's budget de fi cit. 

The dollar remained 
under pressure in weekend 
trading in . the Middle East 
and on Far Eastern i 
•nchangeo. It had closed on 
Friday at record closing 
lows in New York of 
MCUHE16 and Y18&46 and 

slipped farther at the week- 
end against the West Ger- 
man D-Mark to test the 
DIUMleveL 

Friday's US market move- 
ments were onrimoa*. Gold 
surfed to its highest level 
Car almost three years, the 
US Treasury bond market 
CeH to its lowest level since 
October 21, two days after 
the major share price eol- 
lapbe on Wall Street, and 
the Dow Jones Indnstrial 
Average had its worst 
points low for a week. 

The perception Is growing 
that there is not enongh 
c omm o n ground within the 
Group of Seven indnstrial 
nations to prevent a farther 
oharpfSH in the dollar. 

Mr James Baker. US Trea- 
sury Secretary, has made 
(dear that he is not keen to 
take part In a Group of 
Seven meeting to discuss 
growth and exchange rates 

Continued on Page 24 


Bonn responds 
to critics with 
cheap credit 


BY ANDREW FISHER IN FRANKFURT 

THE West German Government ■ j 
is expected to approve measures nfl 
this week aimed at stimulating j& gi 
investments in the sluggish S 
domestic economy by muring 
special cheap credit available. K ■ 
Up to DM15bn ($9bn) of caul- jjB* 
tal spending by local authorities 
and small and medium-sized 
companies could be encouraged fp! 
through the new programme. m- 
The first sketchy details of the 
Government's response to grow- 
ing foreign and domestic criti- fts 
cism of us policies emerged at dip 
the weekend, along with rising il'J 
speculation that the Bundesbank K ira 
could also cut its discount rate H 
on Thursday. H 

This key rate was last lowered, 10.,? 
to 3 per cent, in January. It has pS 
only once been below this level, 
in 1959. Last week Mr Walter ^al 
Seipp, chairman of Commerz- 
bank, argued for a cut to 25 per 
cent in the interests of world ahoi 
economic co-operation. £$gb 

The programme could be exte 
approved by the cabinet on nom 
Wednesday. This could then sure 
pave the way for a discount rate DM1 
cut by the Bundesbank on impc 
Thursday, although Germany's Th 
central bonk makes its decisions face* 
independently of Bonn. cism 

The Bundesbank has already bush 
lowered money market rates ent 1 
with other European central five; 
banks in an attempt to check the Bo 
dollar's fan and prevent an early man 
realignment in the European Eber 
Monetary System (EMS). But the the i 
US Currency fell further towards call® 
DM1.65 on Friday. grow 

Germany's latest trade figures, a fur 




" " " \"S.. 




Waiter Sdpp defending rate 
cats 

showing a surplus of BMltUbn 
f$6hn) in October, indicate the 
e xten t of continuing world eco- 
nomic Imbalances. However, the 
surplus was down on the 
DM11.5bn of September, as 
imports rose faster than exports. 

The Government has recently 
faced an unusual wave of criti- 
cism from German bankers and 
businessmen, irked at the appar- 
ent lack of policy-making initia- 
tive from Bonn. 

Both Mr Edzard Reuter, chair- 
man of Daimler-Benz, and Mr 
Eberhard von Kuenbehn, head of 
the rival BMW car group, have 
called on Bonn to adopt a more 
growth-minded stance to prevent 
a further slowdown 









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2 


Financial Times Monday November 30 1007- 


OVERSEAS NEWS 


White House in 
move to extend 
aid to Contras 


to see 


BY LIONEL BARBER IN WASHMOTON 

The New York Times reported 

S esterday that President 
eagan’s National Securit 


THE REAGAN Administration is 
sounding out key Congressmen 
«e u it can extend $30m 
vlethal 


(S 16.6m) of requested non- 
aid for the Nicaraguan Contra 
rebels to include helicopters and 
military training, according to 
reports in Washington. 

At present, the US Congress is 
supporting the Contras with 
sinful Hocks of non-military aid 
in an effort to avoid sabotaging 
the delicately-poised Central 


Adviser, Maj.-Gen. Colin 
is leading the Administration's 
Contra policy and has recently 
met several Congressmen who 
are swing-votes on Capitol Hill 
The Times said a confrontation 
between the Administration and 
Congress could cone in the week 
of December 7 when lawmakers 
_ „ consider a budget resolution to 

American peSi p£n which aSs provide furling for the remain- 
for negotiated cease-fires in der of the fiscal year, through to 
Nicaragua, El Salvador and the September. 

- US officials want new Contra 

aid included in that resolution. 
They may wish to force a vote 
since it would coincide with Mr 
Gorbachev's visit to Washington. 
Many Democrats would be reluc- 
tant to confront the President on 
a controversial foreign policy 
issue when the Soviet leader u 
on American soil. 


Jut US officials worry that the 
Leftist Nicaraguan government 
wants to spin out talks on a set- 
tlement and wait till the rebels’ 
ammunition and morale run low. 
They want to keep up the pres- 
sure on Managua to negotiate 
with the Contras through 
renewed aid from Washington, 


Israelis open fire on 
protesting Palestinians 

spiked iron rod, was shot and slight- 
ly wounded in the leg when he ig- 
nored ar my orders to halt outside 
the Balata camp near Nablus, die 
spokesman said. 


ISR AELI troops shot and wounded 
at least four Palestinian youths yes- 
terday {hiring protests to mark the 
40th anniversary of UN resolution 
railing for tiie partition of Palestine 
into Jewish and Arab states. Renter 
remits from Jerusalem. 

An army spokesman said two 
p roteste r s were injured at the Bala- 
ta refugee «nnp in the occupied 
West Bank, when dozens of teenag- 
ers hurled stones, tyres and raised 
outlawed Palestinian Sags. 

Another demonstrator, an 18- 
yearold Palestinian armed with a 


The army damped a c urfe w on 
Balata, where’ shopkeepers dosed 
their stores to protest against the. 
UN plan, adopted cm November 29, 
1947. 

In the occupied Gaza Strip, sokfi- 
ers shot a paJestinjao youth in thp 
leg in Bafah on the Egyptian bor- 
der, state radio said. 


Reagan to 
urge end 
of two-term 
amendment 

BY RALPH ATKINS 

PRESIDENT Ronald Re agan 
■aid he planned to cam- 
paign for die abolition of a 
constitutional amendment 
that restrict* a President to 
serving two f oar-year terms 
US presidents, Uke British 
prime ministers, should, be 
allowed to "go on and on*, 
Mr Reagan told David Frost 
in a interview for the BBC 
television** This Weak, 
Next Week yesterday. 

“Once I get oat of the Job, 
I would like to start a move- 
ment to eliminate the e» 
StltB tionil ■ m wit * ha 

said, adding modestly: “I 
wouldn’t do that for 
myself." 

The rale, which took 
effect in 1961, was Intro- 
duced to prevent the abase 
of power by long-serving 
leaders. 

“It Is only 
Is elected fay all the people 
and ft seems to me it Is an 
Interference with the 
people's democratic right 
that they are restricted and 
cannot vote for someone ae 
often ss they want to do 
that," he said. 

The interview, which was 
recorded earlier this month, 
was shown in the same pro- 
gramme as interviews with 
two former White House 
incumbents • Ur Jimmy 
Carter and Mr Gerald Ford. 

Mr Reagan said recent 
events on world stockmar- 
keta were, “to a certain 

limit* ft dH bi 

However, ke thought 
there were reasons to he 
cheerful. “I think economi- 
cally we have had the lon- 
gest period of economic 
expansion in oar nation’s 
history, ■ he said.' 


Renewed pressure on Waldheim to quit 


BY JUDY DOMY M VENNA 

DR KURT WALDHEIM, the Aus- 
trian President, who is embroiled 
in a bitter controversy surround- 
ing his wartime activities, is 
coming under renewed pressure 
to resign following repots that 
he was involved in deaths during 
the Second World War. 

Dr Waldheim, the former UN 
secretary-general, has said that 
"ail rumours of resignation are 
nonsense and unfounded*. 

The reports, published in the 
British newspaper the Sunday 
Express, say that Dr Waldheim 
was one of thousands of people 
on a list drawn up In 1949 
the United Nations Commis- 
sion for Human Rights. The 
reports say that those on the list 
were apparently catalogued as 
persons who could be prosecuted 
because of their activities during 
the Second World War. % 
Dr Waldheim, who was elected 
president of Austria in June 
2988, lias consistently denied the 
two main allegations that he 
knew about or was involved in 
the deportation of thousands of 
Greek Jews from Salonika to the 
concentration camps as well as 
the murder of Yugoslav parti- 
sans. 


To stem the mowing contro- 
versy and criticism of Dr Wal- 
dheim who has been shunned by 
most Western governments, the 
Austrian Government, with the 
support of Dr Waldheim, set up 
an international historians* com- 
mission to Investigate the war- 
time activities of the president 

In a move likely to embarrass 
the Austrian Government, Dr 
Waldheim said in an interview at 
the weekend with the Austrian 
daily newspapers Kinder and 
Kronen Zeituag that the deci- 
sions of the commission were 
‘not binding". 

He said however that he end 
the government would take the 
necessary conclusions from the 
findings. Dr Waldheim repeated 
that he would ■vigorously* 
defend himself against any 
charges that he knew about war 
Crimes committed by the Nazis. 

Meanwhile the Socialist Party 
and the Conservative People's 
Party, which form tire coalition 
government, are reported to be 
holding private meetings to dis- 
cuss the ‘Waldheim affair’. 

Die Presse, the Austrian dally 
which has staunchly defended 
Waldheim in the put, reported 



Knrt Waldheim 


on Saturday that both parties are 
considering possible candidates 
to sucoeeed Dr -Waldheim if he 
did resign. 

This & the first time Die Presse 
has ever mentioned the possfbl- 
ity of Dr Waldheim resigning. 
This suggests the climate of 
opinion may be slowly turning 
in favour of seeking some 


respectable way out of this situa- 
tion. 

FA adds: The British Govern- 
ment is coming under increasing 
pressure to act on the all 
that Dr Waldheim played a 
role in the murder of 
commandos. 

Labour MP Mr GmdUe fanner 
is to raise the matte in the Gam- 
mons after the opening of 40- 
year-old UN files on war crimi- 
nals led to the disclosure of evi- 
dence claiming that Dr Wal- 
dheim lied about his Nazi past 
and the part he played in the 
murder or the soldiers, Jews and 
partisans. 

Mr Janner, secretary of the 
all-party war crimes parliamen- 
tary group and MP for Leicester 
West, said the government so 
longer had any excuse for keep- 
ing its own files under wraps. 

Tfow that the truth Is opining 
out about Waldheim, we want to 
know the whole troth and noth- 
ing but the truth since British 
prisoners were among those sent 
for extermination.* 

He plans to question Foreign 
Secretary Sir Geoffrey Howe and 
Attorney General Sir Patrick 
Msyhew. 


Air Canada to shut after 
deadlock with union 


M MONTREAL 

AIR CANADA'S domestic and to return to the 
international operations are to 
be shirt down by tonight because 
of a deadlock In negotiations 
with the International Associa- 
tion of Machinists representing 
8£00 ground workers 
The airline has 
flight 

they will be laid off cent of the domestic market and 


table, bqt the 
union has refused until Air Can- 
ada yields on the issue ot using 
pension plan surpluses to Index 
pensions to inflation. _ The .com- 
pany said this would, amount to 
a blank cheque for ' C$70 m 
told 9,000 (£33m). 
attendants, pilots and Air Canada has nearly SO pm 
will be laid off cent of the domestic market and 
Mr John Crosbie, Transport Min- 
ister, claimed that other airlines 
could pick up the slack. 

The company has proposed 
pay incresses of between 4 and 5 
per cent over three years. The 
unions want 7.2 per cent in on* 
year. 


about mid-week. 

The national airline locked opt 
the ground workers oq Friday in 
resoonse to a national rotating 
strikecaDed by the union, saying 
this would amount to full disrup- 
tion and threaten safety. 

The company says it is willing 



















New York 




<*• * » 


Tbkyo 








• ■* .. * 


Singapore 


* CREDIT LYONNAIS. 
LE P0UV0IR DE DIRE 0UI. 


Egypt permits PLO to 
re-open Cairo offices 


BY TONY WALKER M CAMO 

EGYPT yesterday in effect 
restored normal relations, which 
were suspended in April, with 
the Palestine liberation Organi- 
sation. 

Cairo ordered the closure of 
PLO offices because of its (He- 
at a resolution of the 
National Council meet- 
ing in Algiers. The resolution 
expressed solidarity with ele- 

thi» Cunn David accord that led 
to the peace treaty with IsmeL 
A brief Foreign Ministry stater 
merit said: ‘It has been decided 
to raise the Palestine flair as of 
today on the headquarters of the 
PLO in Cairo.” Dr Esmat Abdel 
Meguid, Egypt's Foreign Minis- 
ter. conveyed the decision to the 


PLO’s senior representative in 
Cairo. 

Foreign Ministry officials said 
the decision was in harmony 
with the recent emergency Amo 
Summit in Amman whose final 
resolution enabled Arab states to 
resume fuQ diplomatic relations 
with Egypt, broken off at the 
time the peace treaty was signed, 
in 1979. 

decision to suspend 
relations with the PLO 
after the Algiers meeting, which 
saw a reunification of moderate 
and radical elements of the guer- 
rilla organisation usds' Mr Yas- 
ser Arafat's leadership, did not 
prevent frequent contacts 
between PLO representatives 
and Egyptian officials in. the 
mean 


SHIPPING REPORT 

Kates firm for tankers 
loading in the Gulf 

BY KEVM BROWN. MPPJNQCOfUIESPOOEIfT 


RATES FOR very large crude 
carrier* loading in the Gulf 
finned last week, but brokers 
said tfae improvement was 
largely due to the two-dav 
Tfrnntajgfvlng hetiday -In the US, 
which compf CTiie a trading into 
three days. 

Galbraith’s, the London bro- 
kers, sa}d Worldscale 49 was paid 
for a cargo of 270,000 tonnes 
from the Middle East to the US 
Gulf, and Worldscale 39 for 

345.000 tonnes to the same desti- 
nation. 

Far Easton charterers were 
said to be actively fixing vessels 
on a private basis, hr addition to 
reported business, and rates were 
thought unlikely to ease in the 
short term. 

There was also reasonable 
demand far medium-size tankers 
in the Middle East, and World- 
scale 92 was paid for a cargo of 

80.000 tonnes to East Africa, and 
Worldscale 90 for a simflar-siae 
cargo to Singapore. 


ELA. Gibson GWpbrokers said 
there was renewed interest from 
Iran for a number of large ves- 
sels far six months 1 timechar ter 
for both trading and storage. 

.Several nnjor oil. companies 
were in the market for both' 
VLCGa and idtrwlaige crude car- 
. tier? CULGCsX offering further 
encouragement for owners, : 

One ULCC was booked at 
Worldscale 39 for US Gulf dis- 
charge with a one-point pre- 
mium for UK/Contineut, Gib- 
son's said. Another major 
covered Us 295JXX) tonnes cargo 
at Worldscale 43. 

Business was reported to be 
active In the Mediterranean, 
where most demand was for 
ships of around 80,000 tonnes, 
for which rates in excess of 
Worldscale 100 were being paid 
for voyages either across file 
Mediterranean or to the UK. 

In the dry cargp markets, rates 
strengthened on the back of con- 
tinuing Soviet demand. 


Poles tom 
out to Tote 
on market 
reforms 

ByCteMtapbwMMdto 


POLES YESTERDAY voted in the 
country's first referendum in 
over 40 years on A speeding of 
the government** economic 
reform as well as a cautious pro- 
gramme of political change 
which continues, however, to 
exclude any return, of the Ian- 
ned Solidanzy trade union. 

Almost 27m voters wo* enti- 
tled to vote in the referendum 
which will be valid only if over 
50 per cent turn oot The f3V«m- 
ment also has to get over half of 

those entitled to vote u say *y«sr 

to their economic programme, 
for the result to be binding 

By afternoon yesterday, the 
government spokesman. Mr 
Jerzy Urban, said 40 per cent 
had already voted and this 
implied the turnout will exceed 
60 per cent. The results are 
expected today. 

■ a negative vote, oflkhus have 
said, would complicate talks 
planned for next year with the 
International Monetary Fund 
which is demanding the imple- 
mentation of the market reform* 
as a condition for providing 
credits to help service 
s S36bn debt. 

People voted mostly on their 
way to or coming back from 
chun*. Plainclothes police kept 
a discreet eye on proceedings 
and riot police were placed on 
alert. 

People at work have been told 
by tiurir superiors they should 
vote. One young voter entering a 
polling station in a village out- 
side wareaw seid he was voting 
because he was 'obliged to*. 

Local voting figures are not be 
published which will make It 
impossible even to speculate 
about the veracity of the 
national results the authorities 
publish. . 

Polish TV and radio have also 
been hammering out a concerted 
message to get people to vote 
“yes’ on the economic question, 
while the banned Solidarity 
movement has merefr advised ha 
supporters to Ignore the event 

Iran envoy to UN 

IRAN’S deputy Foreign Minister 
for Rmnn mfcp and International 
Affairs, Mohammad Javad Lari- 
tani, will leave for the United 
Nations today to bold talks about 
a Gulf war ceaseffr* resolution, 
according to Tehran Radio, Ren- 
ter report*. 


. FINANCIAL TOMES 
PnbEiW |qr Thf Fbtaadal 
( to opi ) LU. FkmkAnt 
rtrstjrafail by g. Hug), 
wen, nt, re mtaa h wi ct 4* 
Beard of Director*, f, Barlow, 
HAJ.teeCtew.GTA, Daawr, K.C . 
Gorans, DXJ*. Palmar. London. 
P rinter- TrwaktBt ia t fl a cteWl a 
DrockamKSnbH. ftwdrfmtfMaSn. 

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54. 6000 Frankfort “ Main T. Tak 
75080; The 4UUS3t FAX: 722877. O 
lbs noamlalTbaM Ltd. 1907. 
FINANCIAL TIMES. USPS No. 
190040, pobUsbad daDy except Sun- 
day* red jy fitfayg- U-S. nbacriptioo 
rate* S98Sj» par mrotn . Second 
dan postage paid at New York, 
PS. and at a ddition al maHtng ot 
floes. POSTMASTER: sand address 
change s to FINANCIAL HUES, 
14 East toft Street. New York. N Y. 
10022. 



NatWest Australia Bank Limited 

US$500,000,000 
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Programme 


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Financial Times Monday November 30 1987 


OVERSEAS NEWS 


Gibraltar talks failure 
threatens air fares deal 


BY TOM BURNS M MADRID 

FAILURE by the British and 
Spanish foreign ministers to 
read) an agreement in Madrid 
over the disputed Gibraltar air- 
port issue at the weekend has 
imperilled the adoption of an air 
deregulation package by the 
European Transport Council 
when it meets in Brussels a week 

from today. 

Sir Geoffrey Howe and Mr 
Francisco Fernandez Ordonez 
agreed after 10 houra of talks to 
meet again in London on 
Wednesday, together with the 
transport ministers of the two 
countries, in what will be a last 
attempt to read) a compromise 
before the transport ministers 
meet 

The deregulation, package, 
which implies cheaper European 
air travel, was vetoed by Spain 
before the summer on the 
grounds that it refers to Gibral- 
tar’s Royal Air Force controlled 
landing strip as. a. British 
dona! airport. 

Spain contends that the air- 
port, located on the isthmus that 
links the rock to mainland 
Spain, is built on what is juridi- 
cally no-man's land under the 
terms of the 1713 treaty of 
Utrecht by which Spain ceded 
.Gibraltar to the British crown. 



Spanish terminal for passengers 
arriving at Gibraltar and- enter- 
ing Spain rather than the Rock 
proper, Spanish assistance in the 
running of the airport and Span- 
ish collaboration in its future 


development. 
While tl 


■" Sir Geoffrey Howe: 
agreed mace talks 

The presence of the transport 
ministers at the.London talks on 
Wednesday is aimed at reviewing 
the possibilities of a potential 
dual use by Spain and by Britain 
of the airstrip. 

These include the building of a 


there is a large measure 

of consensus between London 

and Madrid in these areas, 
despite widespread hostility oh 
the part of Gibraltarians to any 
Spanish role in the airport, the 
real sticking point remains polit- 
ical. 

Spain is understood to be 
demanding that any agreement 
should dearly state that Spain 
does not recognise Britain's sov- 
ereignly over the isthmus where 
the airport is Located. 

In theory, under the terms of 
the Single Act, the air deregula- 
tion package requires the 
endorsement of only a majority 
of. the EC partners for its 
approval 

However, Spain could invoke 
the so-called Luxembourg com- 
promise to exert a veto on the 
grounds that the adoption of the 
legislation threatens its vital 
national interests. This would in 
effect put cheaper European air 
fares on the 


Italian strikes renew calls 
for institutional reform 

BY JOHN WYLS8 IN ROME 


AN APPARENTLY endless series 
of Italian .transport strikes in the 
run-up to Christmas is the dis- 
mal backcloth to a sudden flow- 
ering of political interest in 
reforms capable of raising the 
performance of government in 
the country. 

Although there Is no direct 
link between the strikes and talk 
of political reform, the Govern- 
ment's inability to respond to 
the the transport stoppages is 
seen as co nfi rmation that it is 
one of Italy's weakest While Mr 
Giovanni Goria, the Prime Minis- 
ter, is trying to give leadership, 
his efforts lade the conviction of 
a leader enjoying the full back- 
ing of the five parties in his 
coalition. 

In this situation,' divisions 
between ministers are more diffi- 
cult to. contain. At the weekend, 
the Christian Democrat Mr Goria 
emerged clearly at odds with Mr 
Rino Formica, his Socialist Min- 
ister of Labour, ova: a proposed 
compromise to settle the pay dis- 
putes at Ahtaha. 

Mr ' Goria had /Mr 'Formica V. 
proposals blocked 1 in 'a meeting 1 ' 
of the inner cabinet '-oh "Friday 
evening and- -he- then issued, a 
statement on Saturday .warning 
of the dangers of inflationary 
pay 1 settlements. Government 
policy is to keep pay rises down 
to around & per cent and Mr 
Goria appears* to have decided 
that Alitalia must be the battle- 
field for establishing this pay 
norm in the public sector. 

This virtually guarantees fur- 
ther extreme daily disruption of 
Alitalia services until December 
17, when seasonal goodwill is 
supposed to promise normal 
working. The next two weeks 
will also see further stoppages on 
the railways by drivers ana other 
categories rejecting a pay deal 
struck by the official trade 
unions. 

The strikes oh the railways, 
which are highly subsidised and 


MILAN magistrates have 
lodged an appeal with Ita- 
ly’s constitutional court 
against a Supreme Court 
decision to quash arrest: 
warrants Issued against 
Archbishop Pant ltednlna, 
the chairman of the Vatican 
R»nfc, and two other hank 
officials, writes John Wyles. 

The two magistr a t e s who 
issued the controversial 
arrest w a r ran ts earlier this 
year claim that the article 
of the 1929 Lateran Facta' 
upon which the Supreme 
Coart. based its decision is 
In breach of the Italian con- 
stitution. They say that the 
constitution does not allow 
the judiciary to. grant immu- 
nity from penal proceed- 
ings. 

Right; Archbishop . 

- Mszdntai* 



are coming 
to symbolise the coat the country 
is paying for poor standards of 
{government and'fcmhlic services. 

.The '.'disruption is helping to 
concentrate* attehtjon on possible 
institutional ‘ reforms,, about 
which Italian politicians have 
bent agonising for yean without 
ever reeling raider sufficient 
p re ssure to reach agreement 
Until now the Communist 
Party has chosen to exercise 
powerful rights of veto over 
reform proposals, but the "line* 
was abruptly and significantly 
changed by a central committee 
at the weekend. Having 
bem dedicated since the spring 
of 1985 to trying to forge a 
socialist alternative to Christian 
Democrat hegemony, the party’s 
centra] committee decided at the 
weekend that the priority for 
political action must now be 
institutional reform. 

This suggests that the Commu- 
nists may be ready to negotiate a 
reform programme with the 


other two main parties, the 
Christian Democrats and the 
Socialists. Both are beginning to 
appear mart 1 determined about 
reform, although* there may be 
huge gaps between* jril three 
about what* needs tb be done: 

A farther call to order came on 
Saturday from President Fran- 
cesco Cossiga who observed In a 
speech in Florence that faced 
with the deficiencies of their 
institutions "the Italian people _ 
feel the need for a more mature 
and wiser democracy.* 

• The Italian trade balance 
has registered a deficit of 
L9,380bn (fiLShn) in the first 10 
months of this year, compared 
with a shortfall of LS^OObn in 
the same period last year. The 
October deficit of L890bn fol- 
lowed a 10.0 per cent increase in 
imports and a 35 per cent rise in 
exports, the latter reflecting a 
'it strengthening of overseas 
in the second half of the 

year. 



Bukharin’s 
widow in 
plea to 
clear name 

By Patrick Cockbisn h Moscow 

THE WIDOW of Nikolai 
Bnhharin,thc most famous 
Communist t fpiV 1 executed 
by Stalin in the 1930s, bw 
written to Mr Mikhail Gor- 
bachev, the Soviet leader, 
asking for her h u sba nd to 
be rehabilitated. 

His rehabilitation would 
be welcomed by the Soviet 
intelligentsia as a sign that 
Mr Gorbachev is prepared 
to see a general re-examina- 
tion of Soviet history . 

Mis Anna Larina, Bukhar- 
in’s wife in 1988 when he 
was shot after a show trial, 
says In her letter published 
in the weekly Ogonyok that 
her husband had asked her 
to fight to establish his 
innocence. 

She says that Bukharin, 
leaving home for the last 
time, . "sensing he would 
never return, and having In 
mind 1 was still young, 
begged me to fight for a 
posthumous declaration of 
Mo innocence,” 

He also made her memor- 
ise the contents of a letter 
called “To a Future Genera-, 
tion of Party Leaders" in 
which Bukharin denounces 
Stalin and the purges. "I 
feel myself helphma before 
a hellish machine which has 
gigantic power," 


* Bukharin appealed to 
future party leaders "whose 
mission will include the 
obligation to take apart the 
monstrous cloud of crimes 
that is growing ever huger 
in these frightful times, tak-. 
ing fire like a flame and suf- 
focating tiie party.” 

Publication of the letter, 
with a sympathetic 
ponying article five 
long, appears tc 
that the decision to rehabil- 
itate has already been 
taken. 


EC to debate oils tax proposal 


BY TIM DfCKBON IN BRUSSELS 

THE EUROPEAN Commission's 
proposal for a tax on vegetable 
oils and feta, which threatened 
to spark a major trade conflict 
with the US until it was blocked 
by member states in June, is to 
be thrust back on to the table at 
this week's Copenhagen summit. 

Mr Frans Andiiessen, the 
Farm Commissioner in Brussels, 
made it dear last week he is not 
prepared to give up his fight for 
the proposed measure, which has 
aroused widespread anti . 
from consumer and food' 
try groups within the European 
Community and from key trad- 
ing partners outside the EC. 

Officials in Brussels appear to 
have been encouraged oy an 




even if the fall consequences of 
the Recalled "stabilisation mech- 
anism” were transferred to the 
consumer, the impact on con- 
sumption in Europe would be 
limited. For example, the switch 
from margarine to butter would 
be at most 5 per cent 
On the other hand, consulta- 
tions with a large number of EC. 
trading partners, including 
Argentina, Peru and Chile, mem- 
bers of the ASEAN and ACP 
blocs and the US, demonstrated 
that all these countries still 



Frans Aodrfte— erapreprefl to continue his fight 


believe their exports of oils and 
oilfeeds to the Community 
would be hit. 

The Commission has now con- 
firmed that it will reduce the tax 
on fish oils by 50 per cent and in 
a new departure, lias hinted it 
will consider a similar coricesP 
sion for palm oil Palm oil is 


imported into the EC at rela- 
tively low prices, notably from 
Malaysia, and would be dispro- 
rhich 


portionalely hit by a tax w, 
would be applied at a fixed rate 
to all products (regardless of 
their value). 

The Commission considers the 
oils and fats tax plan, expected ately is only 


to raise about Ecu 2bn for the 
Community budget in a full 
year, as a key complement to the 
restrictive price measures It is 
seeking for the increasingly 
expensive oilseeds regime (likely 
to top Ecu 4bn this year). 

Without the tax, officials 
doubt whether the Mediterra- 
nean countries will be prepared 
to swallow the tough price medi- 
cine being proposed in the bun- 
dle of agricultural reforms 
known as "stabilisers*. 

As agreed in June, the Com- 
mission is to present the conclu- 
sions of its recent studies to the 
Copenhagen summit on Friday, 
though there is little expectation 
that those member- states most 
readily opposed to the tax - 
Britain, the Netherlands and 
West Germany - will drop their 
fierce opposition. 

At the least, the Commission is 
hoping to highlight the budget- 
ary consequences of ducking the 
proposal - the 1988 provisional 
EC budget has already been 
drawn up on the assumption 
that the measure will be 
ogproved and will pull in Ecu 

But as an official admitted 
over the weekend, the maximum 
which could now be raised if the 
tax was implemented immedi- 
Ecu 1.3bn- 


Talks will seek freer insurance trade 


BY WILLIAM DAWKINS IN BRUSSELS 


EC TRADE and industry minis- 
ters are to come under p re s s ure 
today to end a 14-year deadlock 
on sweeping plans Co liberalise 
non-life insurance services. ;■ 

A meeting in Brussels under, 
the chairmanship of Mr Nils 
Wilhjelm, the Danish industry 
minister, is to consider a compro- 
mise prepared by Copenhagen 
which would dismantle trade 
barriers in a notoriously pro- 
tected industry. It has a good 
chance of winning enough sup- 
port for the scheme to be 
adopted in the first half of next 
year. 

The scheme would allow insur- 
ers to do business in any mem- 
ber state without the need to set 


up offices there. It is 
supported by the UK with Ira 
efficient and developed insur- 
ance Industry. 

If agreed, the proposal would 
cut insurance companies’ over- 
heads on their foreign business, 
offering the prospect of lower 
premiums for policy holders. 

The non-life insurance direc- 
tive is among 11 proposals to dis- 
mantle blocks to free trade 
between member states which 
ministers will have the chance to 
push forward today. 

The Danish insurance compro- 
mise Is aimed at balancing liber- 
alisation against the need to 
have safeguards fra small policy 
holders and to satisfy southern 


member states’ fears of seeing 
their Insurance markets over ran 
by competition from London or 
Bonn. 

Britain, West Germany, the 
Netherlands and Denmark are 
ready to support It, well short of 
the qualified majority needed to 
push the scheme through. A 
number of others, including 
France, are ready to lend their 
support in exchange for minor 
changes. 

Originally put forward by the 
European Commission in 1973, 
the draft directive received a 
boost last year from a ruling by 
the European Court of Justice 
that West German, French, Irish 
and Danish authorities had con- 


travened EC laws on free trade 
in services by insisting that for- 
eign insurers must be registered 
locally to do business in their 
countries. 

The most contentious Issues at 
the session today will be the size 
of corporate policy holder to 
which the scheme should apply, 
and the degree of freedom to 
allow insurers. 

Denmark is suggesting that lib- 
eralisation should apply in full 
only to policies held by compa- 
nies with more than 250 staff 
and Ecu 12.8m (£8.8m) turnover, 
on the grounds that businesses 
below that size are less able to 
assess for themselves the risks of 
taking foreign policies. 


In the North Sea, 

fishing is a power struggle 

between materials and nature 



The prolific “5..ver Pits" fishing grounds of the 
North Sea were discovered in 1850. Since then trawl 
fishing has never looked back. To this day. it continues 
to be a study in contrasts between sudden storms that 
tear trawl nets to ribbons and the warmest of wel- 
comes when the vessel arrives in port with an . 
abundant catch. 

A fishing net is understandably more than just 
a tool. It is a fisherman's hedge against nature’s 
caprices. It has to be strong, durable and able to 
withstand temperature extremes, as well as cor- 
rosion. That's why Cosalt one of the world's leading 
suppliers of professional fishing gear, specifies 
EniChem high density polyethylene for its trawls. 

High quality standards, ease of processing, and 
supply reliability are the major reasons for Cosait's 


choice. To EniChem. deep sea fishing is a reflection 
of our belief that materials have to be able to with- 
stand the tests of man and nature. 

Wb welcome the opportunity to prove this 
to you. whatever your application may be. This 
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Leaders hope to muster backing for 
policy of isolating Pretoria 

ANC seeks to boost 
faltering sanctions 


THE AFRICAN National Con* 
gross and Its supporter* from 
inside South Africa and overseas 
meet in Tanzania next week to 
try to bolster the faltering eco- 
nomic sanctions campaign 
against the Pretoria government 
and to examine the policies the 
ANC hopes to pursue after apart- 
heid. 

“It's the first time that such a 
meeting has been organised by 
the ANC,’ said Hr Tom Sebinm, 
an ANC spokesman, at the move- 
ment’s headquarters in Zambia. 
"This Is our own initiative and 
we hope it's not just going to be 
another ran of the mill meeting 
condemning apartheid.’ 

In the face of waning enthusi- 
asm for sanctions in the West 
and in Africa, and increasing 
doubts about the benefits of the 
cultural boycott of South Africa, 
ANC leaders hope to use the con- 
ference in Arusha to muster sup- 


muster sup- 


port for their policy of isolating 
Pretoria. A recent setback for the 
sanctions lobby has been the 
decision by the West African 
state of Ivory Coast quietly to 
allow full landing rights to South 
African Airways. 

ANC members are also 
attempting to defuse criticism 
that they have no definite politi- 
cal or economic plans for a 
future South Africa, only a 


vague commitment to socialism. 
Both the ANC and its partner. 


the South African Communist 
Party (SACP), have been agonis- 
ing over the international shift 
away from central planning 
towards free enterprise. 

The flag which Is fluttering 
bravely at the masthead in the 
Gorbachev era Is the flag of 
reform, not of reformism,’ is the 
obscure message of the latest edi- 
tion of the SACP Journal, The 
African Communist. ’South Afri- 
can revolutionaries must ask 
themselves what lessons they 
can learn from the Soviet experi- 
ence^. We have no doubt that 
both the SACP and the ANC will 
better be able to perform their 
leading rote if they too Include 
glasnost and perestroika in their 
vocabulary." 

Another topic of discussion 
ahead of the politically Impor- 
tant date of December 16 (the 
day the Afrikaners defeated the 
Zulus at Blood River in 1838 and 
the day chosen by the ANC to 
launch its armed struggle 26 
years ago). Is the ANC's attempt 
to step up its guerrilla war. 

The ANC recently reshuffled 
the leadership of its military 
wing, but now finds itself up 
against a white government con- 
fident that it can crush opposi- 
tion in South Africa's black 
townships after several years of 
unrest One sign of that confi- 
dence Is the recent release of 
political prisoners such as Mr 



Financial Times Monday November 3° 1987 

OVERSEAS NEWS - 

s African OAU will study numerous strategies, writes Patricia de Mowbray ^ 

Africa’s debtors seek a way out 


Otivcr Tambo: a new 
opportunity 

Gov&n Mbeld, the 77-year-old 
ANC veteran, who may eventu- 
ally be followed out of jail by Mr 
Nelson Mandela. 

While pleased to see its leaders 
freed, the ANC is uncomfortahle 
that the government has taken 
the Initiative without making 
any major concessions or agree- 
ing to negotiate a handover of 
power. The mere fact of the 
retease of political prisoners in 
South Africa does not end the 
system of apartheid,” says the 
ANC’s Mr Thabo Mbeld, son of 
Mr Govan Mbeld. 

The conference, attended by 
Tanzania's former President, Mr 
Julius Nyerere; Mr Oliver Tam bo, 
ANC President; Mr Sam Nqjoma, 
the Namibian nationalist leader, 
and representatives of South 
African trade unions, churches 
and political groups, will be 
another opportunity for the 
Internal ana external opponents 
of Pretoria to co-ordinate their 
strategies. 


! township 
violence 
claims 7 

SOUTH AFRICAN police 
yesterday reported sevea 
more deaths in the blade 
townships of Pietermaritz- 
burg, one of the highest 
one-day tolls In fighting 
that has claimed about 800 
lives this year,, AP reports 
from Johannesburg. 

The police report, cover 
lug the 24 boon ending at' 
daybreak yesterday! said 
the victims included two 
teenagers whose bodies 
were found In a dam near 
the city. 

Three deaths o ccurr ed In 
a single incident when men 
with sticks and knives 
attacked a private ear. An 
lS-y ear-old passenger was 
killed, and the driver fired 
on the a tt ack er s, MMag two 
of them, police s ai d. 

The fighting" la mostly 
between s upp or ter s of the 
broad anti-apartheid coatt- 
ttoon, the United Democratic 
Front, and those of Inkatha, 
a political organisation 
headed by Zola leader (kief 
Maa gos a thn gn t h e l e zl. 

At stake Is political con- 
trol over the townships In 
the Natal provincial eapirai. 
The older and more conser- 
vative supporters of Inka- 
tha, with their traditions 1 
loyalty to Chief Bithdcd, 

view die more radical mem- 
bers of the UDF as reckless 
and at least Insubordinate. 


AN ECONOMIC summit to dis- 
cuss Africa’s crippling SSOObn 
external debt opens in am Ethio- 
pian capital of Addis Ababa 
today, with delegates considering 
strategies which range from a 
10-year moratorium to a proposal 
tq convert government debt Ltio 
long-term securities. 

Members of the Organisation 
of African Unity (OAU), which 
called the special session, have 
before them a bleak set of statis- 
tic*. According to figures from 
the United Nations’ Economic 
Commission for Africa, the conti- 
nent’s debt burden, which has 
doubled since 1682; represents 54 

per amt of GDP and almost 400 
per cent of 1986 export earnings. 

Individual country debt-service 
jntios - the proportion of export 
earnings required to pay debt 
commitments - now exceed 50 
per cent on average, and are 
much higher for many low- 
income African states. 

Creditors and African govern- 
ments agree on at least one 
thing; without a substantial, co- 
ordinated effort, the already, 
alarming debt problem will rap- 
idly worsen. Economists believe 
the continued depreciation of 
the dollar In 1987 and quite pos- 
sibly in 1988, compounded by 
depressed world commodity 
prices, will lead to a further dete- 
rioration in Africa's terms of 
trade - which have already 
declined 40 per cent since 1982. 

Higher world interest rites, 
exacerbated by the impending 
bunching of Africa's debt repay- 
ments between now and the end 
of the decade, will mean that 


more co u ntri es on Hie continent 
will be unable to honour their 

-°w)^ch thls^reraSneere*^: 
mated at JUba. 

The most notable plan to date 
for solving Africa's, debt prob- 
lem, put forward by Mr NM-- 
Lawson, the British Chancellor 
erf the Exchequer, cads for the 
conversion of aid into grants, 
and the rescheduling of office! 
debt at lower interest rates, for' 
up to 20 years, with 10 years' 
grace. Mozambique, Zaire, Mams 
etanfa and Uganda have so far 
benefited, but only , from the: 
extended maturities. 

African governments have 
argued that white It la' welcome, 
the Lawson ' Initiative is inade- 
quate. However, a complemen- 
tary but more comprehensive 

f tlan which may offer a 
ong-term solution far other 
forms of debt wOl he among the 
options that the OAU delegates . 
might consider at their summit. 

‘five plan is proposed by the 
African Development Bank, with 
the London merchant bankS.G. 
Warburg as adviser, and suggests 
that debt be converted^mtd 
long-term negotiable securities at 
face value. 

The bank's scheme provides 
for the repayment of outstanding 
principal and envisages a pre- 
dictable annual stream of inter- 
est payments. Exlsfting non-con- - 
cessional and non-roultflatend 
debt would be converted into 
securities of at least 20-year, sin- 
gle-payment maturity, carrying a 
fixed rate of interestjfkely to be 
below the current market rate. 


Creditors and : 
governments agree 
that without ai } 
co-ordinated effort, 
.the alarming debt 
problem will rapidly: 
worsen 


A fund woyld be created on 
behalf of the . creditors, Into 
which the debtor country will- 
make annual payments . of an 
amount suffldent to accumulate 
at maturity to the total of the 
securities outstanding. 

The caDadtv. of. the debtor to 
'meet obujntfofts would be dis- 
cussed with the -creditors when 
the rate of interest is negotiated. 
Under the bankVpropasils, part 
of the repayment would be paid 
semi-annually to . creditors at a 
level which represented . an 
agreed rate of interest. The other 
part would go into the redempr 
tion fund. 

Within this framework, banks 
would also have the option . of 
converting' securities into 
approved investments in the 
country concerned; alternatively, 
they could choose a higher Inter- 
est rate in exchange for reduced 
repayment of principal; or a 
shorter maturity by, for instance, 
allowing interest payments to be 


made into the redemption fug* 

A board of trustees would be 
appointed to run the redemption 
fSdwbehalf of thecreditonE 
It would include members or we . 
World Bank, the In*era»tig«J 
Monetary Fund, the African 
Development Bank, the vanoos 
dasaMpfCTedltoys and the debt- 
or-epuntry itself. 

This board would Jointly man- 
age the fund’s assets, review the 
borrower's economic perfor- 
mance, and advise it cm how to 
meet future financing require- 
merits. . _ 

So long as the debtor contin- 
ued to follow the policies agreed 
In consultation with the IMF and 
the World Bank, the African 
Development Bank believes 
rau If lateral -agencies would 
retaain sympathetic to the coun- 
try's financing needs. 

As a country qieets Its contrac- 
tual debt sendee payments, its 
creditworthiness should be 
restored, thus paving the way, 
the African Development Bank 
bdfeves, to resumption in lend- 
ing by commercial banks and 
export credit agencies. 

• Conversely, if the government 
does not follow IMF and World 
Bank advice, the board could 
recommend to creditors that any 
disbursement pf new funds to 
the country he withheld. 

' The- African Development 
Bank argues that the scheme has 
advantages for all the parties 
concerned- Whether it wins the 
backing of African debtors will 
depend in part on the outcome 
of deliberations in Addis Ababa 
this week. 



kill 5 protesters 


BY OUR FORSON STAFF 

REPORTS FROM Incfla say police 
in Bangladesh, kilted five people 
when they opened fire and 
baton-charged anti-government 
protesters yesterday. 

More than 850 people have 
been injured in dashes with 
police in seven Bangladeshi 
•cities, the reports, from the 
i north-east Indian state of Tri- 

npure,to4d. • 

Four people were killed In 
Dhaka and the fifth lit the 
nsqAy tom of . Narayanganj, the 
re p orts added. ' 

- President Hussain Mphammad 
Erwhnri declared a state of -emer- 
gency on Friday nlght, saying 
the country laoeq internal strife, 
insecurity and eoqpomic' prob- 
lems following weeks of demon- 
strations. 

•fourngilists In Bangladesh, have 
been ordered to ifrnit -their . 
reports to nevs tesued by the' 


announced 


. The order nrohihita the use of 
any . -“illegal and clandestine 
materials for purposes of news- 
paper reporting. -Legal activi- 
ties* relating to normal function- 
ing of the Government, 
economic and : development 
activities, could, however, be 


ironically, the Emergency 
Powers Act was passed by the 


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at. dawn yesterday, near-por- 
malqy prevailed jui the capital, 
Dhaka, 

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buses and can were in evidence, 
while offices and banks were 
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Mr Anwar Information 

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the prohibition orders issued 
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applica b le to both Bangladeshi 
and foreign nationals working 
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Mw of Sheikha. Hasina, one of 
the country's two women leaden 
spearheading the -present anti- 
Ershari movement Sheikh Mujlb 
.was assassinated by a group of 
. army officers in 1975. 

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;corren£ impasse. . 

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election at an agreed .date, the 
appointment of a xiert chairman 
of -the election commisstonron 
the 'basis of a consensus to 
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the . formation of an independent 
foam of obs erver s to oversee the 
election. The opposition accused 
the regime of riggitg the May 
partnmenlary polls last year. 

Despite feelers put out to the 
top oppos i tion leaders r Sheikha 
Hasina, of the Awazpi League, 
and Begum Khaleda Zla of the 
Bangladesh Nationalist Party 
(BNP), now under house arrest - 
no positive response has been 
received. Officiate expect some 
development ii\ the next few 
days; 


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Financial Times Monday November 30 1987 


THE MONDAY PAGE 



ANTHONY HARRIS 

AS EVERYONE knows, the US 
comes to a standstill for Thanks- 
giving, celebrated last Thursday, 
and so far as domestic policy- 
making is concerned, the .break 
seems likely to go on until 
Thanksgiving, 1988. The Admin- 


istration will no doubt ptopcae 
measures of the kind approved 
by the Wall Street Journal, arris 
Democratic Congress will Mock 
them. Congressmen willpropo^ 
bills, and committees will attach 
strange Irrelevant clauses to leg- 
islation still working Its way 
through the system. The inten- 
tion is not to get results, but to 
record votes and stake out posi- 
tions ^for the presidential cam- 
paign which now has only a year 
to run. It might have started In 
earnest a good deal earlier if die 
Democrats had a convincing 
frontrunner. 

In the financial markets, too, a 
long lull in activity seems near 
certain. The crash has not immo- 
bilised takeover activity entirely 
but it has greatly cramped the 
style of the more aggressive, 
highly-geared players and virtu- 
ally immobilised the risk arbitra- 
geurs - the professional takeover 
speculators who have lent so 
much financial muscle to seem- 
ingly impertinent bidders. The 
arbitrageurs lost really heavily 
on October 19 and nobody's 
heart is bleeding. 

Indeed, the non-finandal bust- 


When every day’s Thanksgiving 


debt. This equity -to-debt cwp 
sfon now totals weU over MOpbn, 
a figure so large that ft to diffi- 
cult to take in. 

The result to clear, though. 


ness community has no doubt 
carved its Thanksgiving turkey 
with special relish this year. The 
hope of a long holiday from 
changes in the political ground 
rides and a respite from the high 
fever of the bull market wDl give 
business leaders a chance to con- 
centrate on actually doing busi- 
ness. It looks at the moment like 
a very promising way of earning 
a living. 

So far as manufacturing is con- 
cerned, the times are almost too 
good. It seems only a short tune 
since every American business 
publication carried agonised cov- 
er-stories about de-industrialisa- 
tion, or lagging productivity, or 
competitiveness. About a year 
ago the facts ceased to fit these 
worries, but general impressions 
have taken a good while to catch 
up, as they always da (In the 
case of the British Labour Party, 
reality often seems to take years 
to filter through.) 


INTERVIEW 


Now every American commen- 
tator to aware that exports are 
growing at an annualised rate in 
the mid-teens and that profits 
are also rising strongly. Indus- 
trial output to growing fester 
than at any time since the first 


case inexact, are still to be 
worked out, but 4 per cent to 
probably a cautious guesstim at e. 
Since real wages have actually 
fallen by a percentage paint in 
the last year, the US would have 
gained 5 per cent or so in com- 
petitiveness against stable-cost 
countries in the last year even if 
the dollar had not fallen. 

These trends are obviously too 
good to tost There is no sign yet 
of the British-style wage 
catch-up which many econo- 
mists fear, but there are some 
ominous skill shortages. There to 
in any case a much more press- 


ing inflationary threat - over- 
heating. 

This is already obvious here 
and there. Steel stocks are at a 
record low, the prices of some 
specialised chemicals were 
marked up by more than 10 per 
cent only last week, and some 
engineering order books are 

almost unmanageable. Deliveries 
are still being made at prices set 
during the manufacturing stamp, 
but new orders are not It is dear 
that there is an uncomfortable 
amount of the past represented 
in the current loofah inflation 
numbers. 

This situation raises two big 
questions. How widespread is 
this shortage of capacity? And 
will investment rise fast enough 
to prevent really serious bottle- 
necks? Both these questions are 
complicated. It would be silly to 
offer even tentative answers at 
this point The problems of mak- 
ing a guess should be old friends 


to those who worry about the 
British economy. Official mea- 
sures of capacity utilisation are 
disbelieved because it to thought 
that they miss the permanent 
scrapping of capacity which 
occurred when the dollar was 
drastically over-valued. Invest- 
ment appropriation figures are at 
best estimates and notoriously 
difficult to translate Into awed 
productive potential, let alone 
potential where it to most 
needed. Finally, some relief erf 
demand pressure to expected 
from increased consumer caution 

after the crash - but nobody 
knows how much. 

What is - perfectly clear, 
though, to that the adjustment to 
better times is likely to be ham- 
pered by the financial past and 
by uncertainty about the politi- 
cal future. That Is why the pros- 
pect of a long Thanksgiving a so 
welcome; but it may not be 
enough. The latest figures give 


Some hope that industrial invest- 
rtfiait will not be unduly discour- 
aged by the progreMive rtnwval 
oftax shelters set off by the 1986 
tax reform, despite the warnings 
of a horde or lobbyists, sup- 
ported by such distinguished 
academics as Professor Martin 
Ftgdstein, President Reagan's 
ex-adviser turned arch-critic. 
British experience after the 
totally criticised 1684 Budget 
goggests that those wandtas are 
overdone but American Inaustri- 
aSsts, unlike their British oppo- 
site numbers, can expect a tax 
counter-revolution of sorts 
Before long. This uncertainly to 
bound to be unhelpful. 

The financial health of the cor- 
porate sector is equally un-Brft- 


might wish; ami wMtJ crash 
has reduced the risk of raids, it 
may also have depressed the 
market for the assets which they 
might wish to sell to pay off 
th3r debts. It b not just the US 
economy as a whole which to 
having to run pretty hard to ser- 
vice its obligations. 

Of course many American 
companies are quite untouched 
by these problems, but those 
that me can be found in sensi- 
tive areas • steel and some chem- 
icals, for example. Meanwhile 
Japanese and European com pa- 


. fah. While many UK companies 
wore able to raise cheap equity 
wpltnl during the stock market 
boom, the aggressiveness of US 
corporate raiders provoked a 
flight out of equity into 


an uncomfortable campaign 
theme. So may lectures from Mr 
Lawson or anyone else about the 
need to raise US interest rates. 
Good performance, even assisted 
by a kmg Thanksgiving lull, is 
unhappily no guarantee of good 
temper. 


Business meets bureaucracy 


ARGUABLY, Peter Levene to the T)*aVlfl 

single most important man to t ^ flTlu 

British industry. The argument I 

goes like this - Levene heads the I 

Ministry of Defence's Procure- 
ment Executive. The PE spends _ . _ , 

£8.5bn a year on developing, Hot Levene does nc 
buying and maintaining equip- “ving had qualms. : 
mail tor Britain’s armed forces, had been offered the 


David Buchan talks to Peter Levene, the 
biggest buyer in UK industry 


buying and maintaining equip- having had qualms, 
mail tor Britain’s armed forces, had been offered ti 


not admit to with relish, the saga of “annual- going well is by not 
. “I think if I ity“. says Levene. This 

lie possibility ' . coined the phrase “u* 


LIS is w 
'using m 


Thto*n£keTit and himUK Indus- ofcoraingto thisjob blind - ifi jjg a f hiSgest 

tw a tH,nn»t«in<dp customer. other words if 1 had been run- 2?! ™ weapon is cash . 


try's biggest single customer. 


* " rung a company and they had 

Arguably, too, he has done said “Would you like to come and fraught that they were going to But in same ways, Levene 
ore to change the way the PE's be chief of defence procure- ■ finds life at the MoD more exact- 
ed vil servants go ment?', I would have been very , f”,?! . * ?? * ing- In commerce and industry, 

ainess of plating wary. As an outsider, I would SS^SktS^SSi *as ]o^ M you can make more 


more to cna 
30,000 stroi 
about their 


; " . ... _ job - how could 1 possibly cope S ”””*™ U8tn « P“&Hc money, and you get 

Internal signs of the changes with that?*. Levene said he wanted suffer 96 to 98 per cent of Hgrfjrfnws 


wrought by this businessman- penalties for compa 

turned-civil servant are greater However, prior to March 1965,- not deliver on time. 

commercial sense and tighter he had had a six months “crash 

cash management on the part of training course’ in the MoD cul- 

the PE, better flow of informs- ture as unpaid, but pretty well m PERSONAL I 

lion and beefed-up project teams full-time adviser to Michael 

to supervise new weapons devel- Heseltine, then defence secre- 1M1: Bpm London. 

opmoiL The external evidence to tary. It was during this time that 19S1-60: Educal 

more companies competing for Levene first showed his bent for London school. 


iter However, prior to March 1965,- not deliver on time, 
.ter he had had a six months ‘crash 


yjg • PERSONAL FILE 


parities for companies that did no *oh e to interested in 

not driver on time. that. They will take take the two 


more companies competing for Levene first showed his bent for 
MoD contracts, of which more reform by conceiving the Idea of 
than 60 per cent were placed on putting the Devon port and Ros- 
a competitive, fixed juice basis yth naval dockyards out to corn- 
last year. Five pa cent shaved merclal management. He mod- 
off the price of new Vickers elJed this scheme, realised in 
tanks. Nearly SlOOm lopped off practice last April, on what he 
Boeing's original offer of Awacs had seen in the US of “GoCos* - 


Boeing's original offer of Awacs 
radar planes. And so on. 

But there was argument of 
another kind, indeed a blaring 
political row, when Levene left 


had seen in the US of “GoCos* - 
government owned, contractor 
operated munitions plants. 

Once installed as CDP - as the 
military's love of initials labels 


19S1-60: Educated City of 
London school. 

1960-63: University of Man- 
chester (BA Boon). 

1963: Joined United B d entM c 

»■-«-»-> — - 

HOflamg*. 

1963: Appointed managing 
dkeetorUSH. 


or five pa cent you get wrong, 
and say this is the most awful 
public scandal*. He terms as 
“absolutely adequate' the scru- 
tiny by the House of Commons 
Public Accounts Committee, 
which has levelled some sharp 
criticism of MoD mismanage- 
ment of expensive and troubled 
programmes like radar and tor- 
pedos. 

The r ev erse side of this is MoD 


the chairmanship of United Sd- his job - Levene had the good 
entific Holdings, the defence fortune to catch a favourable 


group, to become Chief of political wind for change. Mow- oireoi it 

Defence Procurement on March mg not only from Downing “Counter-productive”, he was Jfr: 

19, 1985. Announcement of his Street but also to some extent flatly told. If such penalties were ~~~ . 
appointment unleashed furious from within the Heseltine MoD imposed, “you have even more th5vo«rBiit 


opposition, cm the grounds of his itself. “You must hot run away money, and an even 
salary (then SS5.000, more than with the idea that I came in and fern on your hands’, 
double what top mandarins were said the words 'competition and * . . 


paid at the time) and of potential value for money* ana everybody Negotiations with the Trea- 
conflict of interest between his fell off their chairs and said sury, w hich had, never been sen- 
old job and new. Mr Neil ‘Good Havens, what a brilliant ously pressed on the matter, 
Kinnock, leader of the Labour Idea’. eventually allowed the MoD to 


chairman of its contractors cover- 

rrJi. anyth*”* inaccurate 

l 9 ? 4 - a E >ci . *” “* ?** “ cost estimates to deliberate 

fraud. “Industry should know we 
f-ffl o* LiH Ulon aMarwra r v are looking at this very carefully, 
ra us: em t w oaiancw pro- and that it to not good enough to 
cure merit. jgy that if someone deliberately 

aamasHmmamaaai has gone out of their way to mis- 

lead us on costs, the worst thing 
y*? n ^P t0< T c ^ y8 wa * that can happen to them to to 
riytMd. If such penalties were jgpgy moatofthe extra money 
i posed, "you have even more gat*. But Levene is “not of 

vrair Wg ® er P 1 **" the vfew that the great pastime 

m on your hands . of defence contractors is trying 

Negotiations with the Trea- to cheat us". 


have even more 
even bigger prob- 


Levene cites two landmark 




said the appointment 


Many Industrialists would 
have quailed at entering the civil 
service so high - he is effectively 
second permanent secretary at 


“We have got some very able ward to .10 pa cent of its tax 
»p!e who well understand ft. spring the MoD carried 
bey can only operate under the ward S600m. This amount 


eventually allowed the MoD to cases in his quest for corapeti- 
double its permitted carry-for- tion. One was last year's compe- 


cent of its budget, tition for an airborn e ear ly 
e MoD carried for- warning aircraft and the writing 
This amount to a off of some Sion spent on the 


second permanent secretary at tney nao on uiwi oj saving tne mou. Levene nas tow Awacs. The outer, less puouc out 

the MoD - even without the envy sury, and previous attitudes. Parliament he hopes to save of more private importance to 

and suspicion surrounding his they were not actually riowed around 10 per cent. But he him, was the competition to pro- 


“proper customer-supplier’ rela- 
tionship between the MoD and 
its numerous research establish- 
ments. He ducks the current 
Whitehall controversy about the 
size of Britain’s defence RAD 
effort and its possible drain on 
scarce resources, though he 
points to last year’s UK arms 
exports of more than S6bn as 
substantial spin-off. 

- But it could be on the Interna- 
tional scene that he makes his 
mark from now on. He has 
already got the French govern- 
ment to agree to Join the UK in 
' considering “cross-purchasing”, 
whereby each country would 
buy a given piece of equipment 
off the other's shelf if that made 
more sense than developing it 
nationally from scratch. But it to 
on international deforce collabo- 
ration. for which Levene takes 
ova formal responsibility at the 
end of this year, that he nas very 
distinctive views. 

He regards himself as Interna- 
tionalist, speaking French, Go-’ 
' man and Italian and having nm 
USH companies -in West Ger- 
many Singapore, Egypt and the 
US. He says Heseltine and Sr 
David Perry, the retiring MoD 
chief of collaboration, very prop- 
erly focussed on Britain doing 
more in foreign partnership. 
“But I don't want to treat collab- 
oration as a religion, everything 
that is collaborative is good, ana 
Everything is Ron-collaborative 
is bad”, he warns. 

“We will look at each project, 
* see who else to interested, look at 
their abilities compared to ours, 
look at their requirements com- 
pared to ours’, he says, and 
decide to collaborate accord- 
ingly. If one country or anotha 
fdels during a collaborative 
development that it to not going 
to work, “then it shonldnr be 
afraid to say so”, just as govern- 
ments sometimes have to scrap 
domestic programmes. 

Following his “horses for 
courses” prescription, Levene 
cites last year's public failure by 


and suspicion suj 
pay cheque and 
provenance. 


rounding his tney were no* aenrnuy juwweu around iq per cent, 
professional to operate in a cost effective admits overall savings a 
way , he says. He then describes, culable because what 



NEW INTEREST RATES 
FOR C&G INVESTORS 

Effective from 1st December 1987 


rhritanham Gold Account 


I I !.. ,ir— 



£ 5400 - 624,999 


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Cheltenham Gold Monthly Interest Account 

and Op 11 " 1 Growth High Interest Account 


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£5,000-524,999 I Monthly | 6.55 I 6.75 


Cheltenham Premia Monthly Income Account 


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Savings Builder I Halfifearty 


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Hainfeuiy I 4.00 I 5.48 



admits overall savings are incat duce a new troop carria. For, 
culable because what would while he was still in industnr, 
have happened in the absence of Levene had pushed fa this to be 
contract competition can only put to competition, touting 
rarely be quantified. USH’s Alvis subsidiary. It was 

_ . . _ , put to competition. Levene, 

, The ca rry-fo rward of cash, Preluded for a year while CDP 
however, certainly^ reflects the qj, an y contract involving his old 
impact of Lev ene s p olicy of company played no part in the 
WfajMeriin payments to com- awar^ wiuch went to*GKN, now 
parues more closely to their bujJ( ^ ^ warrior carrier, 
achievement of contractual mile- -This wis the first really large 
stones - programme that utod tobe sole 

The MoD, Levene points out, source", he says, 
does not have a bank account or 
need to keep a smooth cash-flow 


the UK, West Germany and Italy 
to co-develop the SP-70 gun as a 

e reject never properly managed 
jr a “trilateral bureaucracy*. He 
concedes that the new Eurofigh- 
ter is- so big, as was Tornado,' 
that collaboration is inescapable: 
But on the NFR-90 Nato fiigate 
project, Levene has beat highly 
instrumental in stopping the UK 
joining in until a mismatch 



need to keep a smooth cash-flow Levene has several targets to 
position and therefore fagot, or shoot at in the second half of his 
never knew, that “in industry five-year contract One is redutv 
everything hinges cm cash Sow*, "ing the £ibn the MoD spends a' 
The one way “to bring to the year on servicing, maintainen- 
attention of the highest echelons ance and reliability of equip- 
of a company that things are not ment A second is establishing a 


between ship and weaponry to 
resolved. “We are anxious to get 
our partners to agree on a pro- 
curement strategy which will be 
effective”. 

How lasting might the Levene 
procureinent changes be? He cer- 
tainly seems to have the neces- 
sary political, backing at the 
moment A defence industrialist 
remarked, around the time of the 
Westland saga and the Heseltine 
resignation, that Levene “might 


have lost a master but has. found 
a mistress", meaning that in less 
than a year at the MoD he had 
impressed Mrs Thatcher, George 
Younger, the current defence 
secretary, and Lord Trefgame, 
the minister for defence procure- 
ment, give every appearamto of 
valuing his services, and to a 
large extent sharing hto views. 

Some industrialists carped at 
the outset that had Levene come 
from a company at the leading 


edge of hi-tech, which USH Is 
generally not, he. would have 
better understood the heed for 
more flexible contract arrange- 
ments. But generally the Indus- 
try has come to accept that liv- 


ing with Levene at home better 
aims them far the harsh world 
market outride. As for the MoD 
itself LeVene makes the point 
his five year term is twice the 


length of the usual MoD asrisgh- 
ment Thus, he will have two 
"generations" of dvfl servants to 
influence. 

Perhaps one thing that could 
knock the. Levene reforms off 
course would be the collapse ^ oir 
hear, collapse of a really big 
defence company under the 
weight of trying to fulfill a really 
big fixed price contract This fa 
just how. the McNamara defence 
procurement reforms of the 
'1960 b were reversed in the US by 


tr.e near-coliapse of Lockheed on 
its fixed price OB contract 

. By the time he finishes at the 
"MoD In March 1990, Levene will 
have chalked. up considerable 
experience on boh sides of the 
defence fence. Will he return to 
hto old industr y , after the com- 
pulsory two years in "purdah”? “I 
can’t see myself marking time 
for two years, and in any Care, 
after nearly SO years in defence, 
something different wouldn’t 
come amiss". His post as a City 
of London Alderman doesn't 
answer the question, because 
even if he. becomes Lord Mayor 
bfJLbhdan that honour only lasts 
.a year. 


A hint of pragmatism over Spycatcher 


ABSOLUTISM has never 
been a feature of the 
English legal system. 
Bather, the law operates 
through checks sad bal- 
ances In the search for a 
solution to competing legal 
rights add interests* But 
last week, In Its final Ud In 
the courts to have the publi- 
cation of Spycatcher ban- 
ned, the Government 
claimed that ccmfldentUtiily 
for the knowledge of Its 
secret services personnel 
was absolute. A secret ser- 
vice officer must for ever 


The rale of interesi paid on all other existing accounts 
on whfchcomposite rate tax is paid by the Society will be 
reduced by 1-0% from 1 st December 1987. 
limited company and other deposits subject to basic 
rate taxwiQ.be reduced by 1.0%. 

Rales ma» rut Marimiun in*ejna*m S250WJ 
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M embe r o< ihe Building Soricto Association. Assets exceed £4.000 tniTOon. 


When pressed with the 
breadth of such a propose 
ttoa. Sir Robert Armstrong, 
Permanent Secretary to the 
Cabinet and the govern- 
ment's spokesman on 
national security, made the 
most marginal of conces- 
sions. Only In the very last 
resort, he said, would it be 
proper for a secret sendee 
officer to go pnbBc. Only In 
the most exceptional cir- 
cumstances, anti for compel- 
ling reasons, could an offi- 
cer reveal any confidential 
information about his work 
or the workings of the secu- 
rity services. JEb short; any 
malf unc tio n in g in the se c ret 
service or illegal conduct by 
a member of that service 


should never be the subject 
•of public knowledge, let 
alone scrutiny. Such mis- 
deeds should be reported to 
senior civil servants or 
responsible ministers. If 
that toiled to produce a sat- 
isfactory inquiry and neces- 
sary remedy, then, and only 
then could lips be unsealed. 

It Is the breathtaking 
insistence cm such an abso- 
lute claim to confidentiality 
that lies at the heart of the 
proceedings before Mr Jus- 
tice Scott for a permanent 
Injunction to restrain the 
Guardian, the Observer and 
The Sunday Times from 
publishing the contents of 
Peter WrigM’s book Spy- 
catcher, although the bow 
has been legally published 
in Australia and the US and 
circulates with almost 
unrestr ict ed freedom In this 
country. No one interested 
In Peter Wright's allega- 
tions can now be unaware 
of their general content. 
English judges normally 
favour pragmatism over 
principle in the resolution 
of legal disputes, particu- 
larly where the government 
is involved. That approach 
usually works to the benefit 
of government, in that it 
gives full weight to practi- 
cal politics. For once, bow-. 


, . p * ' 


I I I 



- : ■- • - - 


JUSmNIAN 


ever, the Government, fe 
asking that principle should 
triumph over the practical , 
in that h o wever much the 
secrets in Fetor Wright's 
book are now open s e c r et s, 
the claim to confidentiality 
should -result In no farther 
publicity of those publicly 
known secrets. 

The case before the court 
Itself focuses on an area of 
law that has been, develops 
ing only in recent years* 
The courts have not folly 
worked out the rules that 
ought to be applied. It is 
one thing to put a dampener 
on the Ifldbuhu] In whom a 
confidence has. been, 
reposed by an employer 
(whether ft be a govern- 


ment deportment or a pri- 
vate corpor a tion), ft la alto- 
gether another matter to 
stop the innocent recipient 
of . leaked, confidential 
informatiota from publish- 
ing it. Here the law Is at the 
crossroads of eohfidentiab 
ity . and press freedom* 
Without any constitution- 
ally guaranteed freedom of 
speech, Ruj g Hsh law has nev- 
ertheless been reluctant to 
engage in pribr res tra int, A 
newspaper may publish, and 
be diuuae~% the lmw oper- 
ates only .to control after 
ti w eve nt. Thns It is rare for 
a court to grant anyone who 
claims, that he hto been 
libelled an injunction p rio r 
to trUJU If . the alleged 
lfbeUex to seeking to tastify 
what he. published. The 
comm decline to atop a 
repeated Hbel on the baste 
that Unit Would invo l ve an 
infringement of free 

speech. If the libeller ulti- 
mately proves fast what he 
said was trim, who should 
deny Urn the right to say it 
in theflzst place. 

En gli sh judges, by 
large, seriously guard free- 
dom of speech and accord it 
high priority in the face bf 
claims to sflenoe the expres- 
sion bf free speech. It is 
only when national security 


iai directly at issue that tee 
tendency has beeh^ to 
reverse the competing 
c l a im s. National security 
mast .In the final atolyiu 
Oust. tee. public interest In 
knowlege of the ce ntiry’s 
defences. If the gevetiiw^Ji; . 
had been relying in the Spy- 
ce tcher cnee on the Official 
Secrets Act as the basis for 
muzzling the media, the 

issue in the couta over 
Peter Wright's book wo uld 
have been clear cat. The 
c ou rts would have fa,lin - t *» bn 
trust the £& 'erniue£t*s 
claim, that any dindotore bf 
information contained, in 
the book would dantogs the 
co untr y's security. So long 
as .there was some eviden- 
tial basis to suggest shell 
damage, that wbuH suffice. 
But in tee Spycatcher litiga- 
tion the. government has 
specifically dis avo wed .the 
application of official 
secrete, and relied ***♦»■* 

on he ordinary civil law pro- 
tecting confidential Infor- 
mation. 

• After Sir Robert had cbu£- 
pleted his evidence, the 
Judge rescinded his earlier 
ruHlxg tkaC the newspapers 
could not riphri that part 
bf the luemrlng before tin 
court which revealed the 


contents of Peter Wright's 
book, Was this n straw in 
.the wfad to the court’s final 
rating? Strictly speaking. It 
had^ 'no direct relevance to 
the crucial issue. The judge 
considered teat the tetease 
^competing Interests 
tipped, the scales fa fkvbar 
of lifting t he limit ed banou 

sitting In the court room. 

The Judge's ruling to 
:«Ubw. reporting of the pro- 
■ceedings may indicate a 
towards the Guard- 
tea tod Observer who seek 
grijr tb be relieved of tee 
tomlnt upon them revfew- 
“* and commenting on 
tome of the matters in Spy. 
catcher. The rnllngmay not. 
hpwwver, r favour The Sun? 

T imes which, having 
Jrorired the serial rights to 
the .book^ wants , to publish 

of «*. 


that the. prag- 
matic approach was begin- 
ning to snrface. BT it contin- 
ues to influence the judge 
tee government's ■Jfca mu w 
to tee principle of absolut- 
ism wffl not win them the 
day. 



TC 













































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The driver is surrounded by more than twenty controls and information 
sources but their exgonomic refinement is so complete that each falls to hand or 
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An S-class consumes motorway miles with few demands on itself or its 
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Other cars might match the S-class on a handful of attributes but no other 
car offers the same combination of elegance, comfort, performance and versatility. 

An S-class is the most complete car in the world. 




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Financial Times Monday November 30 1987 


9 


UK NEWS 


Regional aid to 
industry faces 
stricter tests 


BY HAZEL DUFFY 

THE GOVERNMENT is to 
increase the selectivity of 
regional aid to industry by 
assessing more rigorously pro- 
posals from companies request- 
ing assistance to ensure aid is 
necessary. 

At the same time, the Govern- 
ment is to place more emphasis 
on encouraging companies to 

start up and smaller companies 
to expand with the help of 
grants and business advice. 

Furthermore, some inner city 
areas which do not presently 
qualify for regional assistance 
are likely to be brought within 
the aid net. No regions of the 

country eligible for government 

help will lose their eligibility. 

The proposals follow a broad 
review of Government regional 
policy which was ordered by 
Lord Young, Secretary of State 
for Trade and Industry, as part 
of an assessment of all the 
department’s policies. It is the 
first such review since the 
regional aid map was redrawn 
in TeT 



by Mr Norman Tebbit, then Sec- 
retary of State for Trade and 
Industry. 

Lord Young has not yet 
decided whether or not to pub- 
lish the review's findings as a 
White Paper (discussion docu- 
ment), bat an announcement in 
the House of Commons is expec- 
ted early in the new year. 

The regional aid programme 
changes have been approved in 
conjunction with the Secretaries 
of State for Scotland, Wales and 
Northern Ireland. 

The implications of the 
changes on the rational aid bud- 
get, which exceeded 5600m in 
1986-87, will become known in 
the January public spending, 
WhitePaper. 

Lord Young said recently that 
the programme will not be cot It 
is not clear, however, whether 
this means that it will continue 
at its present level, or at the 
level to which it was planned in 
1984 that it should fall. This 
would be about half the figure at 
which it is running today. 

The department says the over- 
spending is due to an unexpected 
bulge in the cost of replacing the 
old scheme, under which 


Lord Young: aid where ne ed ed 

regional development grants 
were awarded almost automati- 
cally to companies In develop- 
ment areas, with the present, 
more selective system. 

The department may have to 
apply to the Treasury for addi- 
tional funds for the present 1 
financial year. 

The proposed changes in the 
regional aid programme will 
mean that the so-called "addi- 
tionality* provision - whereby 
companies must show that their 
investment would not go ahead 
unless ass i sted - will be less gen- 
erously interpreted. 

Lord Young plans for the new 
policy be more sharply market I 
oriented. The department's 
assessment of companies' invest - 1 
ment proposals will, for example, 
seek evidence that Government 
aid will result in better quality 
and design of products. 

Lord Young wants aid to be 
more closely directed and deliv- 
ered more effectively to those 
who will really benefit This will i 
be achieved in England throi 
local agencies, not necowai 
the regional Department of! 
Trade and Industry offices, but j 

and possibly regionaT enterprise 
and venture capital funds. The 
aim is to include the private sec- 
tor in the exercise as tar as possi- 
ble. 


Girobank privatisation considered 


BY RAYMOND SHODDY 

THE GOVERNMENT is eaounin- 

G^obarJ^the^et 

which has more than Skn per- 
sonal accounts and made profits 
last year of 523m. 

Girobank became an obvious 
target to Join the Government’s 
privatisati o n list writer this year 
when Mrs Margaret Thatcher, 
the Prime Minister, ruled out the 
privatisation of the Royal Mail 
but not of other Post Office 

activities, mainly Girobank and 

counter services. 

Sir Bryan Nicholson, the chair- 
man of the Post Office, on his 
first day in office in October 
dropped the body's opposition to 
piecemeal pit 


At the end of last year Sir Ron 
Dealing, then Post Office chair- 

man, appealed to the Govern- 
ment to keep the business as a 
single unit if any privatisation 
was planned. 

The Government would clearly 
like to privatise Girobank, which 
has increatingly diversified into 
providing mortages, insurance 
and corporate finance. But while 
Whitehall is also looking at the 
future of Poet Office counter ser- 
vices, considerable practical 
problems are involved. 

Unlike the successfully priva- 
tised TSB, Girobank has few 
retail outlets separate horn the 
national chain of past offices. 

Ministers will, therefore, have 


to decide whether to 

two otherwise fairly i. 

businesses - Girobank and Post 
Office counters - as a single unit. 

. If Girobank were to be priva- 
tised without the Post Office's 
counter business, the framework 
for a commercial relationship 
between the two organisations 
would have to be set out. 

The Department of Trade and 

mdustry said yesterday thst no 

decision had yet been taken on 

"when or if” Girobank would be 

privatised. 

. The Post Office said it had no 
knowledge of any decision on 

the manor, although It is dear 

s held informal fih« 


the body has 


on privatisation with trade 
department officials. 

•British Steel Corporation's 

expected announcement this 

week of profits of over 5200m in 

the half year to September is 
expected further to boost steel 
privatisation plans. 

The Government has 
decided that British Steel 

be privatised before the next 

general election and the com- 
pany's is eager to win control of 
its own destiny as soon as possi- 
ble. 

Steel privatisation Is, however, 

likely to require legislation and 

it is difficult to see how this 

could be fitted into the ] 

mentary timetable before 1 


Building society raises 
London pay differential 


BY DAYS BRMOLE, LABOUR 

THE NATIONAL ft Provincial 
Building Society has further 
fuelled the UK's overheated; 

south-east labour market by 

agreeing a special allowance of 

up to £3,460 a year for staff 

working in central London. 

The move tramps the 53,000 
allowance introduced earlier this 

by the commercial banks. 

uvalysts expect the trend to 

keep spiralling up w ards. 

They say employers are 
pared to continue out-bii* 
each other for staff and are 
resigned to the cost of raising, 

London “weighting” payments* 

two or more times a year. 


Incomes Data Services, the 

research group which 

reports the National ft Pn 

move, has scrapped its cost-based 

weighting Index because it says 

employers believe the local 
labour market has eclipsed cosu 

factors in determination of Lon- 

don allowances. 

National & Provincial has 
taken up the pace from a rela- 

tively low base of only £1,666 in 
inner London until three months 

ago. 

Labour Market Supplement: 
IDS Report 510; IDS, 193 St 
John Street. London EC1V 4LS; 
by subscription. 


Employers to be tough 
over company pensions 

BY ERIC SHORT, PENSIONS CORRESPONDENT 

MOST employers intend taking a 

tough approach towards employ- 

ees who exercise their right to 
leave, or not Join, their company 

pension scheme, according to a 
survey published today by the 
Confederation of British Indus- 
try. 


Under the 1988 Social Security 
Act, employers will bum next 
April no longer be able to 
require employees to belong to 
the company pension scheme. 

Employees who opt out there- 
after will 

sum and _ 

vided with r 

and their dependants will lose 


the right to benefits from the 
scheme. 

Companies will also typically] 
not make any contribution above j 
the legal minimum towards any 
personal pension arrangement 
set up by these employees. There 
will be only limited opportuni- 
ties for employees to rejoin pen- 
sion schemes. { 

The CBI surveyed 260 member 

companies with an aggregate of 

2m members. 


Point, JOS New Oxford Street, 
London WC1A 1DU; £15 (£W 
CBI members.) 


Review of mergers 
policy may lead to 
cut in inquiry time 

BY PETER RIDDELL, POLITICAL EDITOR 


CHANGES IN the official han- 
dling of mergers to shorten the 
time taken by inquiries are being 
considered by trade and industry 

ministers, following a report by 
management consultants Ernst 
and whinney. 

The report, submitted a few 
weeks ago, covers the statutory 
procedures for dealing with 
mergers by the Office of Fair 
Trading, the Monopolies and 
Mergers Commission, and the 
Department of Trade and Indus- 
try. 

It focuses on various ways for 
reducing the time of in 
tions and for Increasing flexi 
ity in dealing with mergers. 

Ministers are considering, 
among other options, shortening 
the inquiry timetable and alter- 
ing the balance of stai 
responsil 

mmcT 


statutory 
abilities of the OFT and 


These changes may require 
legislation, particularly if the 
time of Inquiries were to be cut 
below three months. 

In parallel with the Ernst and 
Whinney report, a broader 
inquiry into competition policy 
is nearing completion which con- 
siders possible changes in the 
law on restrictive trade practices 
to ensure greater competition 
and the elimination of entry bar- 
riers, notably in the profe 


The review, prepared by Ur 
Hans Liesner, a senior DTI offi- 
cial, has apparently identified 
significant flaws in present ! 
lation. The Government is pL 
ning a consultative document 
next year on proposals for far 
reaching reform with a lengty 
bill later in this parliament. 

Lord Young, the Trade and 
Industry Secretary, is likely to 
make a statement on all these 
points in the new year. 

He has already announced, in 
a speech last month, the interim 
conclusions of the Liesner 
l review - in particular that the 
so-called Tebbit rules (after the 
then DTI Secretary) of July - 
1984 should continue to apply. 

These state that the main, 
though not exclusive, consider- 
ation in deciding whether a 
merger should be referred to the 
MMC should be its potential 
effect on competition, taking full 
account of the international con- 
text. 

Lord Young stressed that the 
discretion to refer mergers to the 
MMC on public interest grounds 
should remain, but he argued 
that this intervention should 
occur only when there is a diver- 
gence between the priorities of 
decision makers in the market 
and the public interest. 


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10 


UK NEWS 


Financial TtnwMontSay November 30 1987 


Selective entry 
‘possible for 
opt-out: schools’ 


BY JOHN HUNT 

MR KENNETH BAKER, the Edu- 
cation Secretary, made dear yes- 
terday that, under hie propooad 
education reforms, schools that 
opted out of the local state sys- 
tem would be able to apply to 
have a system of selective entity 
based on ability. 

Applications entailing funda- 
mental changes In the character 
of a school could not be madle 
within the first five years of tit e 
new Education Bill becoming 
law but, after that period, gover- 
nors and parents at comprehen- 
sive schools would be able to 
apply to make such changes, he- 
said on London Weekend Televi- 
sion's Weekend World pro- 
gramme. 

The critics of the bill, which is 
awaiting second reading in the 
Commons, will see this as art 
admission that the Government 
intends to reintroduce selective 
grammar schools by a backdoor 
method. 

Mr Baker said if a school that 
opted out wished to come fore- 
want with a proposal to change 
its character, this would have to 
be widely publicised locally for 
discussion. The application 
would then have to come to him 
for a decision, but he would not 
be prepared to consider such 
applications wtthlh a period of 
five years. 

Asked if he would be prepared 
to consider such an application, 
he replied: "Yes, indeed 4 

He insisted, however, that 
many schools would wish to 



Kenneth Baker: prepared to 
consider changes In systems 


remain comprehensive and oth- 
ers might wish to become techni- 
cal schools. If a school did want 
to become a selective school it 
would become a public matter 
and would have to be examined. 
He would have to look at it 
the local background. 
Baker also said that- under 
formulae now being worked out 
it might be possible to give spe- 
cial financial assistance to 
(schools in difficulties as a result 
of the new system. These would 
tie schools that faced falling rolls 
ais a result of pupils leaving for 
more popular schools. 


Food and hotel bill 
malpractice ‘rising’ 


OVERCHARGING AND credit 
card malpractices by hotels and 
restaurants are increasing, espe- 
in London, an Egon Ronay 
j claims today. 

Over the last year* guide 
inspectors "have been victims of 
a growing conspiracy between 
hotels and restaurants and the 
card companies to cut comers on 
the way transactions are han- 
dled," ays Mr William Holden, 
publisher of the 1988 hotels and 
restaurant guide. 

"Inspectors have to rely on 
credit «*»****- Try finding the cadi 
to meet a 5290 bill for an over- 
night bed, breakfast and dinner 
for one at a London hotel. 


"Hotels are becoming more 
aggressive. Time and again on. 
checking in we have hadil 
demands not only hi hand over 
our card for an impression, but 
also to sign a blank slip. 

"The card companies are 
becoming equally careless with 
our. cash. Card slips are being! 
altered after the holder hail 
signed and these are being] 
accept e d by He card companies' V 
’ Overcharging by hotels and 
restaurants was another prob- 
lem. 

Egon Ronay’s Cellnet 1988 
Quid* to Hotels, Restaurants 
and funs. Automobile Associa- 
tion. £9.95. 


Labour to 
curb hard 
left Young 
Socialists 

By John ffcait 

A SWEEPING aaptim to 
curb the influence of the 
hard left in the Labour 
Party Young Socialists 
movement has been 
launched by Mr Nell 
Khmoch, the party leader, 
and hia supporters. 

Mr Andy Be van, 34, the 
party's lot-wing National 
Youth Officer, is to be 
relieved of Ms reap on a iMU- 
ttes and moved to another 
post st Labour's keadqup 
tern. 

The Young Socialists' 
animal conference, sched- 
uled for next Easter, has 
been cancelled. In its place 
a programme of e v e n t s for 
young people In die party Is 
being organised. 

The movement's newspa- 
per, Socialist Tonth, has 
been stopped. It will be 
replaced by a youth bulle- 
tin. 

The move will be wel- 
comed by moderates In the 
party who see the Young 
Socialists as an inr wi ng 
embarrassment and claim 
movement Is domi- 
nated by members of BOU- 
tant other extt cm lst s. 

The decision was taken at 
a meeting of Labour’s 
National Executive Commit- 
tee last week when only a 
handful of left-wingers 
voted against it. 

The NEC was influenced 
by evidence font two Young 
Socialists were attacked 
and badly Injured at the 
mov eme nt's cente r - 

ence in Blackpool earlier 
this year. 

The two members opp osed 


Trotskyists being 
* ' The! 

to be wearing 


of the party. Their attack- 


MUltant 
The decision to "purge* 
the Young Socialists Is pert 
of s— ^anrimiha reforms in 
the party intended to rid it 
of its Image and 

make it acceptable to a 
broader doctorate. 

Mr Jokn Prescott, 
Labour’s energy 
Is coming under 
pressure to to abandon any 
Idea of challenging Ur Bay 
Hattersley, shadow Home 
Secretary, for the deputy 
leadership of the party • * 

Mr Kinnock has made 
known his strong opposi- 
tion to a highly publicised 
battle for the post. Mr Pres- 
cott is considering the 
strength M« tw-Hng 


David Churchill reports on a £2 5m facelift for British Airways club class service 

Aiming to attract the business traveller 


BRITISH AIRWAYS is today 
launching a 525m reorganisation 
of its worldwide business class 
facilities in the hopes of increas- 
ing its share of uie lucrative 
and Increasingly competitive - 
business travel market 

The present "dub class" 
systems will be replaced In Janu- 
ary by two categories - Club 
World for long-hanl flights and 
Chib Europe for short-haul desti- 
nations. This will involve fitting 
all BA's Boeing 747 and TriStar 
fleet with d iffe r ent seats which, 
it claims, are equivalent in cm- 
fort to Hist class seats of the 
early 1980s. 

The move is the first step in a 
relaunch of all BA's passenger 
sectors as Dart of a marketing 
structure introduced over the 
past 18 months to identify the 
airline’s strengths and weak- 


er Colin Marshall, BA's chief 
executive, said: "We are starting 
to understand what our custom- 
ers actually want and what 
really pleases than." 

The airline's decision to 
revamp its business facili- 
ties first came as a result of two 
factors. First was the need to 
stay co m pe titi ve with other air- 
lines catering for business travel- 
lers. 

One in four of BA's passengers 
are business executives who 
spend a total of Slbn a year with 
the airline. More importantly, 
business travellers are frequent 
filers. Research shows that they 


fly mi business over 20 times a 
year, on at least three different 
airlines. Typically the business 
traveller is male - although the 
number of women traveuerv is 
increasing rapidly - earns mare 
than 535,000 a year and is aged 
over 40. 

BA's second reason for the 
nisation, however, was the 
of its own resea rc h , which 
suggested that the rep utati on of 
BAa business dass was not keep- 
ing pace with the overall 
improvement in the airline In 
recent years. 

Such research conclusions 
were surprising, in view of a 
reamt pan erf readers of Business 
Traveller magazine who voted 
BA the best Business ser- 
vice of amr airline for both long 
and short-haul routes. 

BA's research revealed two 
main problems: seat comfort 
compared unfavourably with 
other airlines; and business exec- 
utives, especially an short-haul 
trips, were increasingly con- 
cerned at service levels in the 
airport as much as on the air- 
craft. 

The question of seat sizes and 
the amount of leg-room available 
is one that smears to dominate 
all airlines’ thinking, judging by 
the emphasis it receives in then- 

advertising aimed at the business 

- 

Yet Business Traveller's reader 
survey found that leg-room was 
'van a low priority by execu- 
ves, who much preferred 



S 


Sir Colin Marshal Irendor- 

standhog passengers’ wants 

choosing BA for its high level of 
in-flight service. 

Even so, BA believed it could 
not let rivals such as Lufthansa 
and Swissair continue to offer 
better business-class seats. More- 
over, BA’s own research s ur veys 
.found that seats were a key tec- 
tor in executives choosing to fly 
-with a particular airline. 

BA’s development engineers 
worked with a UK company. 
Contour Seats of Famborough, 
to develop the business -class 
seats About 100 regular business 
travellers assessed the p r o to t y pes 
at a series of four research ses- 


sions. Further tests were con-, 
ducted by the Institute of Con- 
sumer Ergonomics and 60 
volunteers,- all of whom fly fre- 
quently, spent a night 
in the seats at an airport ! 

Hie seat chosen was flfightly 
narrower than the existing seat 
but provides four inches more : 
legroom, with a greater degree of 
recline than at present and 
including an adj us ta ble ~ 
-nmflnr to that found on. 
class seats. 

The : 

new business 
haded by Mr Michael , 
of a BA marketing department 
called Products ana Brands. Mr 
Batx joined BA last year, from 
Mara, the confectionery com- 
pany, and subsequently . 
recruited several other market- 
ing executives with backgrounds 
in . test-moving consumer goods 


"We wanted to look at our pas- 
senger markets , like any other 
branded products,” he says. "So 
we introduced the system used 
in consumer, goods- amtpardes of 
having a brand team dedicated 
to each product, headed by a 
brand manager." 

The business brand (pstn 
came up with two different strat- 


On short-haul flights, it con- 
cluded that the priority for many 
travellers was having las trou- 
ble and saving time. On long- 
haul flights, the brand team 
believed comfort levels were 


mure important. 

The Club Europe class will 
concentrate on improved 
check-in facilities, both at Heath’ 
row and at other points, such as 
at some top London hotels and at 
Cheapside in the City. About 40 
"carnation staff" *. employees 
wearing a carnation - will act as 
“queue-combere" to identify busi- 
ness travellers needing a tester 
check-in service. 

Business travellers to Puis and 
Amsterdam will also be able to 
take advantage of a new "valet 
parking" service at Terminal 
Four, which may be extended to 
other terminals & the British Air- 
ports Authority gives approval 

On the aircraft, there will be 
additional knee room and addi- 
tional wardrobes, giving scope 
for more carry-on baggage. 

This increased level ox passen- 
ger service and comfort will cost 
BA about half of the &2 5m bud- 
for the reorganisation in 
first year. About 54m is 
being spent on fitting out the 
seats, while an 58m advertising 
campaign is scheduled to open 
on Christmas Day. 

One service BA does not intend 
to introduce at the moment is 
British Caledonian's door-to-door 
limousine service for business 
travellers on some routes, which 
it believes would be too expen- 
sive, given the numbers 
involved. Ironically, It may yet 
acquire the service If Its pro- 
posed merger with BCal proves 
successful. 


Wall Street ‘not to blame for crash 9 


BY RALPH ATOMS 

THE SLIDE in UK share prices 
month was due to internal 
factors and had little to do with 
Wall Street, argues the latest 
Lloyds Bank Economic Bulletin, 
published today. 

Mr Christopher Johnson, chief 
economic adviser to the bank, 
says share prices are reflecting 
the underlying performance of 
Future I nc r eas e s are 
_ to match the substantial 
rises resulting from the turn- 


round in industrial performance 
in recent years. 

The bulletin dismisses ss facile 
the argument that there was 
nothing wrong with UK share 
prices before the tell began. It 
says it is wrong to Marne Wall 
Street and the growing Interde- 
pendence of world ptock mar- 

Instead, the slide was due to 
an unsustainable divergence 


between share prices and com- 
pany profitability as measured 
by earnings per share, he says. 
This gap could only be justified 
on the irrational assumption that 
future earnings growth would be 
faster than in the past 

Mr Johnson calculates that the 
five-fold increase in UK share 
prices be tw e en January 1980 and 
September 1987 was due to a 
doubling of earnings per share 


•and a 2 Vz times increase in the 
ratio of share prices to 
Moreover, In the first pert of 
year the growth of earning 
share slowed while share 
accelerated. 

share 
Bank 

December 1987. Economics 
Department, Lloyds Bank, 71 
Lombard Street, London ECSP. 
SBS. 


Stock slide ‘will have limited impact on Europe’ 


BY RALPH ATKMS 

EUROPE LOOKS likely to avoid 
recession next year out down- 
ward p ress u re an the dollar to 
likely to continue, City of Lon- 
don economists conclude in fore- 
casts published today. % 
The reports, from two securi- 
ties houses, argue that the aUde 
on wodd stock markets wifi have 
a limited Impact on European 


economies. However, relatively 
low US inte res t r at es have left 
thn Hollar vulnerable to further 
tells in the next few months. 

The UK economy is predicted 
to show an above average rate of 
growth in 1988. Merrill Lynch 
forecasts it will grow by 2.4 per 
cent next year, compared with 
2.0 per cent in West Germany, 


.1.7 per cent in France and 22 
per cent in Italy. 

James Capelin a review of the 
world economy in 1988 also pre- 
dicts slower growth* but says 
recession will be avoided because 
countries have m o n etar y 
policies. 

The report forecasts an aver- 
age gro w t h rate for countries in 


the Organisation for Economic 
Co-operation and Development 
23 per cent next year. That com- 
pares with a forecast of 2.7 jper 
cent made before the recent sude 
on world atockmaiteta. 

Japan is expected to slu m the 
-tested growth rate aroongO&CD 
countries, expanding by 812 per 
cent next year. 


Scots believe 
Government 
does not care 

MORE THAN three Scots in four 
believe the Government does not 
care for Scotland, according to 
an opinion poll published today. 

The postal poll was carried out 
last week, among a representa- 
tive cross section of 1,000 Scot- 
tish voters. 

The group was selected by 
MORI for Scottish Television. 

Asked if they thought the Gov- 
ernment cared for Scotland, 77 
pier cent said no and 23 per cent 
said yes. 

More than two thirds : 68 per 
emit - thought the hew poll tax 
was less fair than rates, and 70 
per cent thought the Govern- 
ment should subsidise traditional 
Scottish Industries. 

Asked which system was best 
for gov er nin g Scotland, 24 per 
cent favoured the present sys- 
tem, GS.per eaxt wanted a Scot- 
tish assembly within the UK 
with tax-raising powers, and 23 
per cent opted for independence. 


Nikko: Front-Runner la In v estm ent Technology 

GLOBAL ALPHA 
STRATEGY FUND 

An umbrella investment fund, established in Luxembourg, which includes the Pacific Alpha 
Fund and US/Europe Alpha Fund. It uses factor tilt strategies to achieve returns superior to the 
market index, and permits low-cost switching between funds. 

TAPAN INDEX FUND 

An investment fund established in Guernsey, Channel Islands. Our Japan Index Fund permits 
tracking of the Tbkyo Stock Price Index, applying the BARRA-NIKKO Risk Model of the 
Japanese equities market; and also provides s ignifi ca n t savings in transaction costs* 
manag ement, and administration fees. 

US INDEX FUND 

An investment fund established in Luxembourg. This fund assures the closest possible tracking 
to the Standard & Poor's 500 Composite Stock Price Index through full replication and effi cie nt 
trading. 

Shares of all three Funds above are listed on the Luxembourg Stock Exchange 

Application for shares in any of the above Funds may only be made on the basis of the information mntein^ jo 
each respective prospectus and the latest available annual report containing audited accounts and the latest available 
semi-annual rep ort, if later than such annual report. 

Copies of these Prospectuses may be obtained by professional in v es to r s by calling Nikko Capital 
Managpmprit limit ed OD 01-236-60 76. 


lb Nikko Capital Management Limited 

10-12 little Itinity Lane, London EC4V 2AA, United Kingdom 


Name 

Profession 


Company 

Address 


Postcode 

Telephone 



□ US Index Fund SICAV 

Copies of these Prospectuses will be m ad e available only to professional investors whose ordinary business it is to 
buy or sell shares or debent u re s, whether as principal or agent within the meaning of Section 79 of the Companies 

Act 1985 of Great Britain. 

This advertisement has been placed by The Nikko Securities Co. (Europe) Limited on behalf of Abba 
Strategy Fund SICAV, Japan Index Fund Limited and US Fond SICAV. 

It does not constitute an after of, or an invitation to the public to subscribe for or to purchase; any 


NIKKO 


Company Notices 


Contracts & Tenders 


MAKITA ELECTRIC WORKS, LTD. 

(COS'S) 

Referring to it* edvtrtibcnieea of 3rd June, (9S7 the — daafowd oim ofow Ifcn 
tbc deposited property of the atm onwaodmg divxpjio. 39 of Ike COX’S Mekita 
Electric Worts, Ltd. feas been sold. A* from 24th November 1987 tbe drvxp. no. 
39 wil be peysbie in emb with DQc. 40,72 per CDK, icpr. SO da. and with Dfis. 
8 1 4.40 per CDR, repr. 1-000 da. 

Farther the tudereiaed mnmmcrt that as ftn 24th November, 19X7 at 
Km Aworruic N.V„ dr*xp4>a 40 (acaxnpnaied by as 'Affidavit)' at da CUR’S 
Makha Electric Worts, Lid. wffl be peysbie with Da 5.07 act per COR, icpr. SO 
the. and with Dfk. 101,40 net per CDR npr. 1.000 da. 

(d»v. per reorine 2002.1987; pom Yea 9,-psh.) 
after dednctiOB of IS%Japanemtaa- 
Vcn 67.5 ~Dfls. -*95 per CDR repr. SO da. 

Yea l35Gr~Dfis. 19,00 per CDR repr. ItoOda. 

Without an Affidavit 20* Japanese lax w 
Yea 90r - Dfc 1 J7 per CDR rent SO iba. 

Yea l80a-*Dfe-2*40perCDRRcpr.lj000da. 
will be deducted. 

After 24X19.1987 the efiv. wffl only be paid unrtrr de du c ti o n cf 20* Jam tax. with 
Mb. 4,75 net per CDR icpr. SO rta. and with Dfia. 9SJ» net per CS» rape L000 
ala, ia accordance with the Japanese tax repdenom. 

1 8th November 1987 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 


G/VYIrtV 

CONCESSIONNAIRE 
FRANCAISE 
POUR LA ■ . 
CONSTRUCTION ETL* 
EXPLOITATIO N DU ’ 
TUNNEL ROITIIER 
SOUS LE MONT 
BLANC 


- FRF 450,000,000 
Floating Rate Note* (987-1997 
of which FRF 3OOL0OOVOOO 
has been issued aa a 
Tranche 


la a cco rdan c e with the pro v uk m a 
of the Nates, notice is hereby given 
that the rate of intern* for the 
period from 26th November, 1987 
to 25th February. 1988 haa been 
fined at 9,0625 per cent per 


On 26th February, ! 981 fanned of 
FRF 231.60 per FRF 10JJ00 nomi- 
nal amount of the Notes, and 
interest of FRF 2^15^7 per FRF 
100,000 nominal amonm of the 
Notes wQl be doe afrinst Coupon 
no 2. 

J-Notifles to holders, inefodiag 
notices retains to the Q uarte rly 
Av i mii utlwii of into mt rates, win 
be published only is "L'Ageace 
Rcoiwani q nc ct Flnanriow T (Paris) 
and "The Financial Times" (Lon- 
don). 


BANQUE INTERNATIONALE A 
LUXEMBOURG 
SocwteAxurnyme 


Reference Agent 


Art Galleries 


inm QAUJtY 
OM»ai07.An 
Edward Bum P 


KV - 88 Bmloa Sweat, Wt 
In bAMm of work* bg 
(1W5-TV7H, 4*» w one tdnr - 

; Mon-Fti loa, flats KM2J0 


■Ret OAUBtn, 7 (bafioo ft. Bod 8L 

wt «fl Sire. Christmas aMfo wtth rw*. 

eatanato by RECOtLECnoNS. « Nov 
to 81 Dae. h&AI MS* 8* M0-1 JO. 
Lad opantag « a is Nov iso 9pm. 


Legal Notices 


NOTICE OF APPOINTMENT OF 
ADMINISTRATIVE RECEIVER 



smoMl Wobntater Sank pic 


ACAS (LONDON) UNITES 


Tlfe U to cwtth thd « a mMHng UMh 
eredUwii afdit she w iwm id cc m p a i j had on H>) 
19tfi Nowntar 1987 (cl Mwtht Iredak FCA, of 
.Cork GdBjr A Co, Pfmnfar House, Station HiO, 
irndna Barks. Having provided a written tate- 
■v* tint he is qmfffled to act as an bootvanep 
pmoltt oiif In relation to the ahore o wn ed com- 
pay voder the pwMom of ttn Iwp l e uKj Act 
MObaadddha nnin i L «Hoaa,«a»aaprinttd 
liqdddar «f tta Ceapwy. IWi Nantar 1907 
A-DCWEMSChateBM 


AUCTIONS 

The Financial Tima propusa 
to publish this survey on Friday 
29tb Janaury. The Following 
areas win be analysed: 
PROPERTY 

a) Commercial property 

b) Residential property & land 
e) Agricultural land 

- A farms 

d) Industrial investments 

e) Retail property 

PLANT* 

MACHINERY 
VEHICLES 
FINE ART 
A USER’S GUIDE 

For further information on 
icall Emma 

01-248 5115. 

FINANCIAL TIMES 

Eerope'i Btsinete Ne w s paper 


Of possible interest to the Spring and Mineral Bottfiog and • 
Distribution Industry^ 

WATER SUPPLY BOREHOLE 
AND PUMPHOUSE 
FOR SALE 

We are i n s tru cted Ire C3wyd Health Authority to offer for sale by 
tender the above fkality and inst al la tio ns situated dose to the AJS5 
main coart dual-carriageway at 

ABERGELE 
NORTH WALES 

. The ptimjihonse houses a bordiolecfeome 260 ft opcratiotml depth 

DELIVERING 5^00 Lg^k. 

and is o ffe red complete with o pe rati o na l eq uipm e nt 

FOR SALE BY TENDER 
CLOSING DATE 

17TH FEBRUARY 1988 r .. ^ 

For further particulars and tender documents, appty> 

Garcte D. WRttena, FJLLCS. 

JONES A BEARDMORE 
(Predentin! Property Services) 


‘Invitation for qualified. 


experienced contractors in the execution of 5 
star hotels. 

The project: 5 Star Hotel - Capacity 200 RMS 
- Taizz, Yemen Arab Republic, owned by 
Arabia Felix Hotel Co. Pre-quaJified forms are 
available from Dec 1st 19S7 to Dec 31st 1987 
for the attention of: 


Mr. Aimed AbdoSwed 
Chairman - Arabia FeHx Hotel Co. 

PO Box 6732 

Taizz 

Yemen Arab RepahSc 

AB forms skotUdbenedstd at the abort address by 
fAnutry 1999 latest,* 


CLASSfflED ADVERTISEMENT RATES 


.totfiomms 

Coemerritl end Inrtdrfcd Properly 


BuTOeg Pcporaa Ui g 
BTOoea hr SMWMtd 


CavTnd 
Contract Tenders 
Book Pa«e 


£9»tf SteUt 
M ideas caMe VAT 
Far iWftv dMaftwte «k 


Arfc. Safe 

.c^VSUr STSi 

USD 43JJ0 

3240 

tHS 44 -M 

12JJ0 elm 

«0 32J0 

3100 

12X0 - 4L0D 

— 3gJp 

, ~ . 3000 

e Erin (Ml JO e*s) 


FBfMieUL TIKES, 18 CANNON STREn^ljESmW EWW 






belie- 

d °t J s not c& 


i hnihrs 


:» x • •--• • *■ . £ 


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pH 






cuts the need to 
of components and 
improves throughput. 

Sixty per cent plan to intro- 
duce total quality management* 
and all are planning to increase 
their investment in computer-, 
aided design and computer-aided 
manufacture. • 

However, the survey also 
shows that the companies are 
giving a low priority to cost 
management systems used to jus- 
tify and assess their mamtfactur- 


One cost accountant who took 
ta rt in the survey complained: 
"We know our overall manufac- 
turing costa bat we do not know 
where they are being incurred: it- 
makes pluming to cut costa or to 
increase profitability very diEfi-i 
cult* 

Mr Norman Mohmeux, of Price 
Waterhouse, which co-ordinated 
the survey, said most of the com- 
panies canvassed had only 60 per 
cent of the features he would 
like to have seen in a modem 
ranh management system. 


County NatWest sacks 
three for options losses 


BY RICHARD WATERS 

COUNTY NATWEST, the invest- 
ment banking arm of Britain’s 
biggest dearer confirmed yester- 
day that it has sacked three 
members of staff over traded 
.options looses sustained in the 
stock market crash last month. 

The sackings follow an investi- 
gation by the bank into poor 
controls which allowed *a lim- 
ited number of dfents” to run up 
huge losses. County NatWest 

One of them, Mr Anil Gupta, a 
23-year-old arp mint ant glut iwc 
since been sacked from his Job at 
Touche Bass, losses of 

move than film. 

County will have to pick up 
the debts of these clients if they 
fail to meet their obligations. 
The bank refused yesterday to 


say whether it Is taking le#tl 
action against any of them, or 
what losses had been sustained. 

The revelation of inadequate 
controls in the traded options 


... rations 

business follows massive invest- 
ment by the bank to enable it to 
cope with its expansion into new 
areas of business. 

It is believed to have around 
300 staff working full-time on' 
Systems developme n t, almost'all 
m th«n eBTHrited In the past tWO 
years. It is also thought to lmve i 
built up a team of around 160 | 
accountants In 'Its' accounting > 
and control mfea. ' - J 

"We have. now st en g th ened our' 
control procedures,* said County. 
No further investigations into 
poor m a n ag em ent control were 
being carried out, it said. 


Legal pay ‘keeping pace’ 


BY RAYMOND HUGHES 

BARRISTERS IN full-time work 
In commerce and industry are 
keeping pace with other business 
executives in the salary stakes, 
according to a survey. 

Their median earnings are 
£31,000, only slightly less than 
industry directors, says Intracan 
Management Consultants, which 
carried out the survey far the 


Bar Association far Commerce, 
Industry and Finance. 

The highest paid bar ris ter in 
the sur v ey, which covered 318 of 
the association's 750 or so mem^' 
ben, earned more than fiUBjOOO: 

Two women barristers earned: 
more than 560,000, the m edi a n ; 
for women being 527,000. , 


WGAIAXY 

BUSINESS CLASS 

LIGHT YEARS AHEAD 

LTTA French Airlines has introduced a 
sophisticated elegance to flying on business 
that has become a standard by which other 
business class services are judged. 


Galaxy Business Class flies from Paris to 
Africa, South East Asia, Australasia, the 
Pacific and now direct across the Atlantic to 
North America. 

* 

Just ask us or your travel agent for further 
details about Galaxy Business Class and the 
latest UTA round the world possibilities 
(Galaxy.Class only £2, 1 80.00). 


advanced manufacturing meth 

ods. 

Traditional cost management 
methods generally' concentrate 
on the labour content of finished ' 
goods, while modern methods 
emphasise throughput quality 
and a reduction of overheads 
and waste. 

The Price Waterhouse s ur v e y 
confirms that the UK is follow- 
ing the world pattern. Over the 
past five years, the cost profile 
in manufacturing has changed 
dramatically. The cost of pur- 
chased materials as a percentage 
of overall costs rose hy 11 per 
cent, direct labour costs fell hy 
27 per cent and overheads by 9 
pet cent. 

Mr. Rqy Davies, Price Water- 
house partner with special 
responsibility for manufacturing, 
said companies should concen- 
trate on the cost incurred over 
the whole life-cycle of a product, 
and try to establish the most 
appropriate system far control- 
ling such costs. 


Patent 
Office may 
move to 
Cardiff 

By Lyntoo McLain 

THE TRADE and Industry 
Department la considering 
moving the Patent Office 
from London, possibly to 
CaxdifT. The office employs 
1*200 people but not all die 

Jobs may be moved. 

The lease cm the office’s 
London headquarters In 
Honiara expires at the end 
of the year. 

The department is keen to 
decentralise Its services 
where appropriate. “The 
move of the Patent Office is 
dearly a possibility, but no 
dec ision has been made*" 
the DTI said yesterday. 

The Patent Office is 
underst o od to be one of the 
major candidates In the 
departme nt for n move from 
London. 

Lord Young, Trade and 
Industry Secretary, 
announced last month the 
■tart of a comprehensive 
r e v ie w of the department’s 
role* which could lead to 
eome re-allocation of staff 
and divisions in the DTL 
The objectives were to 
complete the move away 
from industrial interven- 
tionism started In 1878. He 
said the department had 
coped with the problems of 
failure in many sectors of 
industry and was now faced 
with the problems of suc- 
cess. 

Under the review the . 
department was looking at. 
the functions and sendees 
of all its divisions to see If 
it would be logical to move 
some out of London. 

The DTI said yesterday 
that Cardiff was a prime 
area, with government 
offi c e s, each as the Compa- 
nies Registration Office*, 
employing about 800 and a 
branch of the Export Cred- 
| Its Guarantee Department 
employing abont 700 
already there* and available 
sfHn* space. 

While no final decision 
had been made abont the 
future location of the 
Patent Office, it was possL 
Mejpart of it canid stay in 

The DTI has its headquar- 
ters in Victoria Street* nea r 
Westminster, which is 
where Its main bIBhm are 
likely to stay. 


Cineplex plans 
to extend its 
cinema network 

By Raymond Sooddy 

A LEADING North Ameri- 
can cinema chain has 
a nn ou nc ed ambitions plans 
to e xp a nd in the UK. 

The Toronto-based Om 
plex Odeon Corporation* 
which has 1,087 screens at 
478 locations In Canada sad - 
the US, says it plans to 
open 100 screens in England 
over the next three years. 

Mr Garth DnMnsky, p res - 
ident mad diet exec u t iv e of 
Cineplex, told analysts! 
“Thera are great oppor taal - 
ties in Europe and espe- 
cially England.” 


Kevin Brown on who might buy a privatised rail engineering group 

Taking Brel to the other side of the tracks 


THE GOVERNMENT'S statement 
that ft plans to privatise British 
Rail Engineering provoked a 
deafening silence from Europe’s 
railway equipment industry last 
week. 

The only potential buyer to 
declare Us hand was Mr Peter 

Holdstock, managing director of 
Brel, who said he would defi- 
nitely lead a management buy- 
out consortium. 

There were no other public 
declarations of interest and nei- 
ther the Government nor the 
British Railways Board CBRB1 of 
which Brel is a subsidiary, has 
since received any behind-the- 

scenes approaches. 

This reticence speaks volumes 
for the Industry’s view of Brel 
.and for the Government’s pros- 
pects of selling it to a credible 


In spite of five years of painful 
restructuring, there Is a wide- 
spread view that Brel still has a 
tong way to go and there remain 
doubts about whether any seri- 
ous buyers win emerge. 

The principal burden of res- 
tructuring has fallen on the 
workforce, which stood at 31,000 
five years ago and will have 
fallen to 7,600 by April, and, 
even now, 3,000 workers are 
under notice to leave. 

During this period Brel has 
(dosed the historic Shildon and 
Swindon works, each of which 
had about 2800 workers, and its 
Doncaster Wagon Works was 
sold by BR to a local manage- 
ment buyout team. - 

At the same time, the BRB sig- 
jialled its intention to of 

Brel --by ; consoli d ating the com- 
pany's - ' routine maintenance 
activities into a separate busi- 
ness organisation. 

This group, which operates 
from premises in Doncaster, Wd- 
verton, Eastleigh and Glasgow, 
will remain in fiR hands, provid- 
ing a secure in-house mainte- 
nance capacity, whatever hap- 
pens to Bid. 

Since 1985, Brel has also had 
to cope with a policy of comped- 


US phone 
group aims 
to expand 

By David Thomas 

BELL ATLANTIC, one of the 
large US regional telephone com- 
panies, is planning to become 
more heavily involved in the UK 
and European computer le&atng 
business. 

The company is one of seven 
spun off from American Tele- 
phone and Telegraph in 1984 
-and reported net- income of 
Sl.lTbn . (&646m) on sales, of 
$982bn last year. 1 

Bell Atlantic has made no 
secret of its wish to do more 
business in Europe. This month 
it bought seven European com- 
puter maintenance companies 
and has recently signed collabo- 
ration agreements with some 
European teigonimmmfaflflnnn 
companies. 

The company also wants to 


when ft took over the Grey 
hound Capital Corporation. . 

Mr Derek Lamb, managing 
director of Bell Atlantic's UK 
computer leasing operations, said 
the parent company was pre- 
pared to put in virtually unlim- 
ited resources towards Its goal of 
approaching the European com-, 
purer leasing market more 
aggressively. 

Bell Atlantic has recently 
clinched its largest computer 
leasing deal in the UK wtth a 
512.5m package for the Royal 
Bank of Scotland. The company 
expects S20m-525m turnover 
from this business in the UK this 
year. • ■_ 

Mr Lamb said Bell Atlantic 
would probably invest up to 
&40nr a y ear over the next few 
years trying to improve its posi- 
tion in the UK market, which he. 
acknow ledged was already over- 
crowded. 




m 


French Atriums 



Executives distrust gins 


A WO RLD OF DIFFERENCE 

166 PICCADILLY. LONDON W 1 V 9 D£Tetephone: 01 -4934881 


THE BOTTLE of Scotch or 
Christmas hamper sent to 
brighten up the festive season 

can prove something of a mixed 
bleating far executives, accard- 
. ing to a surrey in Chief Execu- 
tive magazine. 

Many fear Christmas gifts 
could be seen as bribes. Accord- 
ing to the poll, one in three 
senior managers has returned 
Christmas presents sent by other* 
companies. « 

Two-thirds of executives say 
they do not accept gifts in cer- 
tain rircumstances. 

while diaries and calendars 


top the hst of executive ' 

the magazine says one 

man received & Ford Capr. 

another had double glazing fitted 
at Us home. ■ 

About half of the executives 


that the "giving of gifts Is 
fraught with ni™h 
with bribery." On] 
registered total 
with the statement 
About 50 per cent of the com 
panics surveyed had rules about 
employees receiviM gifts - 
ally that staff should accept only 
taken gifts, such as diaries. 




over the list of potential support- 
ers. 

His favoured option is for a 
buyout backed by & double link 
with outside companies in the 
UK and in Continental Europe, 
the market Brel would most like 
to break into. 

The prospects for a link with a 
UK general engineering com- 
pany are difficult to guage, 
although analysts said there was 
unlikely to be a queue at the 
doors of the Transport Depart- 
ment. 

Such a link would have advan- 
tages for Brel since It would 
improve access to the general 
engineering market, an area into 
which Brel would like to diver- 
sify. The advantages for the 
other party are less dear. 

Several UK railway equipment 
suppliers might be Interested in 
bidding for part of Brel, includ- 
ing GEC Traction (part of the 
General Electric company). 
Brush Electrical Machines (part 


Brel workshops: faring uncertain future 


tive tendering introduced by the 
BRB, under which BR equipment 
contracts go to the lowest bidder. 

This procedure is regarded by 
the board as essential to the 
future financial health of BR but 
it has had a devastating effect on 
Brel's results. 

In the year to March. 1985, the 
last before competitive tender- 
ing, Brel reported a surplus of 
£35. 5m. That was almost halved 
in 1986, to 519.1m, and fell again 
last year to £108m. 

The company's accounts show 
that Brel lost 534m on opntracts 
won under comp&tivw' tender- 
ing in the year. to.'MArcfi 1986 
and a further 5138m last year. 

Brel has made substantial pub- 
lic relations capital out of the 
fact that It has won 7D per cent 
of the orders placed by BR since 
competitive tendering was Intro- 
duced. 

Critics within the industry say, 
however, that the losses Brel has 
been sustaining on these orders 
are an indication of the extent to 


which it remains uncompetitive. 

"Brel is too big, too inflexible, 
and still has serious union prob- 
lems. It is overstaffed ana not 
competitive in world markets,” 
says a manager of one competing 
railway equipment company. 

Another says: "Brel produces 
good quality products but it is 
totally incapable of competing 
on price without further ration- 
alisation.” 

Add these judgments to the 
strategic worries of an industry 
operating at between 70-75 per 
cent of capacity and you have 
the basic reason for the apparent 
lack of interest in Brel. 

The consequence is that the 
Government's declaration that a 
bid from the management would 
be welcome has been interpreted 
by many as indicating a fait 


Workers at Brel's factories 
were being sounded out last 
week about the prospect s of sup- 
port for a management buyout 
and Mr Holdstock was mulling 


of Hawker Siddetey) and Metro- 
C&mmell (part of the Laird 
Group). 

The Government would be 
unlikely to accept a full takeover 
bid from any of these because of 
the political embarassment 
involved in a deal which would 
diminish the competition in the 
marketplace and damage British 
Rail's procurement policy. 

The betting is that it might be 
willing to accept a management 
bid backed by an existing com- 
petitor but, although all the com- 
panies will take a close look at 
the figures, none appear eager to 
become involved. 

The general view is that the 
purchaser will have to face very 
high redundancy costs and will 
probably be unable to maintain 
all four existing Brel plants - 
Derby Locomotive, Derby Car- 
riage, Crewe and York. 

Most managers said the loco- 
motive and equipment company 
at Crewe was most likely to sur- 
vive, probably together with 
York, which produces multiple 
units and components and car- 
ries out repair work. 


Others said the Derby Carriage 
Works had potential. None 
thought all four plants could sur- 
vive. . . 

Favourites among potential 
foreign backers were Alsthom, 
the major French railway equip- 
went company, and ASEa of 
Sweden, which is in the process 
of merging with Brown-Boveri of 
Switzerland. 

Brel has dose links with 
Alsthom through two separate 
consortia bidding for contracts to 
build the shuttle and through 
trains for the Channel Tunnel. 

The company also worked 
with ASEA some years ago on 
aspects of British Rail's ill-fated 
Advanced Passenger Train, 
which was constructed but never 
brought into service. 

An association with either 
company would give Brel access 
to markets in which it is cur- 
rently weak, particularly In 
Europe. No talks have yet been 
held with either company, how- 
ever. 

Such an alliance would be 
bound to face strong political 
and industrial opposition, even If 
it was in support of a manage- 
ment buyout which left control 
in British hands. 

"We are not in favour of 
encouraging outside or foreign 
companies to buy into our mar- 
ket lor the simple reason that we 
do not have much encourage- 
ment to buy into companies 
abroad,” one manager said. 

Few people In the industry 
believe such a link is a realistic 
possibility, however, because of 
the restructuring problems 
which would have to be taken 
on. 

Mr Holdstock points to the 
workforce reductions of the last 
few years, together with a recent 
business reorganisation, as evi- 
dence that Brel has fought its 
way back to a competitive posi- 
tron. 

‘We really do think this is a 
tremendous opportunity for the 
company, so long as it is a single 
integrated business,” he said. 


~ "NOTICE OF REDEMPTION 
To the Holders of 

Norges Kommunalbank 

7%% Guaranteed External Loan Bonds Due December 15, 1990 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of Section 4(c) of the Fiscal Agency Agreement dated as of December 
15. 1972 between Norges Kommunalbank and The Chase Manhattan Bank (National Association), as Fiscal Agent, $1,470,000 
aggregate pri ncipal amount of the above-captioned Bonds (the "Bonds”) will be redeemed through operation of the sinking fund on 
December 15, 1987 (the "Redemption Date”) at tee Redemption Price of 100% of tee principal amount thereof (the "Redemption 
Price"). 

“'“"The serial imwfaw i at tfte Bonds to be mfa m w d are as feritows: ■ iir. „ .. 


IS 1121 2223 3085 3734 4514 


8615 11434 14244 17250 17602 


1125 2226 3088 3738' 4515 5352 6486 7123 8638 11486 14248 17276 17606 18533 18833 19323 


28 1129 2230 3109 3743 

29 1132 2262 3111 37S5 


MOO 6490 71M 


6774 11480 14257 1727B 17618 18541 18942 19324 

8775 11481 14305 17283 17B17 1B544 18844 18329 


82 1138 2285 3112 3768 4545 5401 6486 7180 B77B 11663 14314 17288 17620 


105 1146 2282 3133 3783 4549 5477 6487 7183 8780 11 


17297 17B23 


115 1150 2297 3135 3707 4551 5502 6500 7241 8793 11679 14319 17298 1762S 


132 1156 2301 3142 3799 4564 5503 ' 6511 7243 

149 1164 2325 3147 3839 4566 5660 6512 7244 8004 11684 14329 17302 17631 

153 1180 2330 3150 3845 45GB 5612 6514 7261 9043 11600 14338 17312 17B32 

155 1193 23SB 3155 3846 4571 5622 6517 7263 9046 11998 14458 17315 17634 

157 1195 2386 3158 3847 4595 5625 6618 7268 9047 12006 14459 17319 17642 

159 1198 2395 315B 3848 4807 5638 6521 7361 9057 12609 14600 17322 17658 

164 1201 2407 3171 3870 4619 5839 6525 7368 9126 12813 14612 17323 17671 

191 1275 2409 3180 3884 4620 5742 6526 7370 6129 12744 14616 17327 17672 

224 1332 2428 3185 3885 4847 5744 6527 7381 9137 12745 14821 17329 17676 

247 1338 2430 3213 3888 4853 5745 6831 7383 9139 12768 14822 17337 17878 

258 1347 2435 3221 3889 4657 5747 6538 7394 9144 12771 14627 17348 17884 

270 1359 2439 3259 3891 4659 5749 6S43 7456 9149 12773 14830 17349 17885 


11863 14321 17301 17629 
11684 14329 17802 17631 


15008 17360 17822 


314 1388 2451 3272 3924 4682 57BS 6662 7758 

315 1401 2470 3Z75 3925 4696 5791 6564 7760 0064 12810 15008 17380 17822 

335 1402 2472 3281 3832 4887 5812 6570 7784 9960 12814 15011 17370 17826 16614 

358 1418 2480 3282 3043 4695 6818 6575 7810 9861 12818 15012 17371 17827 18818 

372 1421 2511 3293 3956 4706 5820 8500 7811 10063 

387 1434 2522 3287 3962 4710 5821 6682 7813 10078 

408 1460 2550 3304 3071 4713 5825 6667 7814 10077 1 

411 1481 2560 3327 3973 4726 5828 6670 7816 10094 12846 15118 17378 17870 18840 

414 1478 2579 3328 3975 4737 5846 6671 7822 10105 12851 

425 1500 2506 3345 ' 3987 4782 5860 6685 7824 10147 12855 

429 1504 2507 3347 4003 4829 5872 6705 7828 10329 12857 15188 17387 18001 

456 1508 2602 3357 4007 4837 5888 8724 7832 10330 12860 151B8 17390 1B002 


478 1520 2628 3361 4019 4838 5892 6728 7840 10333 1 


15068 17374 17853 

15071 17375 

46 15118 17378 17670 

51 15132 17381 

15178 17384 17955 

57 15188 17387 18001 

30 15188 17390 1B002 

15188 17399 18004 


484 1556 2634 3371 4024 4846 5804 6730 7842 10334 12877 15190 17401 18010 1B682 19068 

487 1582 2638 3375 4031 4848 8011 6733 7854 10380 13112 15313 17404 18019 18683 

1608 2658 3411 4053 4853 6012 6734 7861 10343 13138 15317 17407 

1607 2672 3421 4060 4864 6013 6737 7873 10351 13138 15320 17418 

517 1633 2678 3425 4075 4887 6018 8745 7875 10383 13143 15324 17423 

524 1856 2685 3430 4081 4888 8051 6752 7876 10401 13145 15327 17425 

610 1859 2689 3453 4082 4925 6062 6753 7878 10408 13147 15334 17428 18103 

864 1680 2688 3457 4088 4930 6064 6756 7879 10415 13154 15339 17427 16117 

670 1701 2704 3461 4088 4939 6067 6774 7889 10418 13209 15342 17432 18118 18742 18100 

674 1727 2721 3463 4104 4942 6230 8779 7888 10444 13212 15347 17443 18121 

S76 1795 2753 3467 4106 4943 8238 6783 7906 10445 13223 15349 17444 18125 


2828 3475 4140 


6248 67BS 7909 10454 


17458 181 81 


4153 5035 6264 6793 7936 10503 13254 15376 17482 

4158 5054 6281 6798 7937 10509 13256 


13558 15581 17472 18383 

17474 

16056 17478 18408 

1747B 1841 1 

16069 17485 18412 


2655 3523 4157 5087 6283 6799 7938 

2868 3525 4187 5075 8284 6815 6032 

792 1870 2869 3528 4168 SOW 6285 6816 8048 

787 1878 2879 3531 4208 5093 6288 6817 

836 1864 2880 3532 4216 5115 6290 8826 

042 1888 2888 3539 4218 5156 6206 6827 B056 10575 13798 16069 17485 18412 

868 1000 2890 3560 4233 5157 6299 6829 8085 10586 13803 18070 17487 18417 

888 1014 2895 3551 4238 5159 6305 6833 8072 10774 13805 16071 17483 

933 1924 2896 3562 4246 5173 6315 6839 8097 

950 1974 2906 3561 4250 5175 632* 6840 8134 

956 1978 2911 3589 4256 5183 6332 6842 81 

963 1981 2931 3590 42S4 5192 8342 6849 81 

977 2047 2937 3593 4335 SIM 6343 8853 8141 

979 2051 2962 3817 4337 5200 6344 6860 8142 11110 13929 16907 17526 

1010 2057 2972 3820 4340 5207 6347 6875 6144 11273 13943 17000 17540 18446 

1021 2059 2909 3630 4345 5213 6349 6878 8145 11274 13944 17184 17545 18453 

1025 2063 3002 3634 4346 5222 6351 6878 8147 11276 

028 2085 3006 3842 4354 5230 

032 2070 3016 3651 4368 5231 

1052 2096 3023 3654 4375 5233 6374 6855 6166 11481 14006 1721B 17566 18465 

1066 2107 3027 3855 4388 5234 6375 6858 6187 11483 1*019 17221 

1068 2121 3029 3862 4394 6236 6391 7045 8194 11468 14173 

2124 3052 3864 4422 5242 8392 7052 8295 11489 14178 

2133 3065 3667 4432 5271 6386 7055 8314 11471 14184 17227 17580 18508 

2149 3063 36GB 4460 5295 S43B 7096 8321 11473 14188 17232 

1103 2150 3065 3874 4465 5306 6480 7097 8328 11474 14189 17240 


18515 

18929 

.18519 

18931 

18527 

18932 

18533 

18933 

18541 

18942 

18544 

18944 

18549 

18945 

18550 

18552 

18948 

18948 

18554 

18948 

mt 

189S4 

8568 

18956 

S 

18960 

18870 

8588 

18974 

8590 

18978 

8592 


8507 

fed 

9602 

18983 

8604 

18984 

8608 

1B996 

6809 

8614 

f " 1 

B816 

19014 

H 

H 

8840 

8644 

10038 

19044 

8645 

19045 

8678 

19057 

8682 

19068 

B683 

19077 

m 

m 

18719 

19090 

m 


18742 

18100 

mm 

im 

18779 

18785 

19114 

19118 

18787 

19121 


ilium 

ka 

19187 

19203 

18809 

19814 

m 


19538 


19677 20054 

19678 20056 

19680 20057 

19681 20058 

19684 20059 

19708 
19710 
10711 
10724 20072 

10727 20073 

10736 
10738 
10751 20085 

19760 20100 

10767 20104 

197GB 20105 

19770 20112 

10780 20115 

10782 20116 

19784 20118 

10790 20120 

191795 20121 

1 9796 20122 
19602 201 28 

19803 20128 

19604 20129 

19806 20130 

19818 20133 

19819 20134 

10821 20136 

19824 20141 

19625 20144 

201 4B 

19641 
19842 20151 

19844 20152 

19845 20158 

19608 20168 

19911 20169 

19912 20170 

19915 20171 

19920 20185 

9904 20189 

20192 
9936 20197 

9938 20198 

9939 2020a 

19941 20218 

19942 20218 

9944 20233 

19952 20235 

9964 20244 

20253 

9967 20260 

9968 20261 

9973 20264 

9974 20272 

0975 20277 

9076 20281 

9077 20282 

9979 20263 


7494 

7495 18434 

11033 13911 16990 17507 18«37 18879 18262 19587 19082 20293 

13816 16B91 17509 18438 18880 19263 1B58B 19087 20294 

13925 18994 17518 18441 18882 19264 19606 19968 20266 

17526 18442 18883 19265 19607 19092 20297 

11273 13943 17000 17540 184*6 18884 19273 1BG08 20004 

17184 17545 18453 18886 19274 19616 20008 

17183 17549 18457 18887 18278 19626 20009 




17 197 

17202 17560 

17216 17568 18485 


18896 

17587 18467 18917 

17570 18469 1 


19627 20010 

19636 20011 

19291 19841 20015 

19292 19646 20016 

19648 20023 

_ 19684 20028 

19302 19674 20031 

19305 19675 20035 

19312 19676 20040 


com or currency or me united states of America as at me time ot payment is legal tenaer ror tne payment ot public and private debts 
therein, interest thereon shall cease to accrue from and after the Redemption Date. 

Payment of the Redemption Price of each Bond to be redeemed will be made upon presentation and surrender of such Bonds, 
together with the interest coupons appertaining thereto maturing subsequent to the Redemption Date, at any of the following paying 

agencies: 


The Chase Manhattan Bank, NJL The Chau Manhattan Bank, NA The Chase Manhattan Bank, NA 

Corporate Bond Redem p tions P.O. Box 440 P.O. Box 4428 

Box 2020 . WooJgata House -Coleman Street Taunusanlage 11 

1 New York Phoa-14th Floor London EC2P 2HD, England Fronkfurt/Maln 

New Ybrk. New York 10081 Kredletbank. BA Luxembougeotae Germany 

The Chase Manhattan Bank, NA. 37 rue Notre-Dame Nederlandwhe Credietbank, N.V. 

41 rue Cam bon Luxembourg. LuxetnbOtag Herengracht 458 

75001 Paris, France The Chase Manhattan Bank, NA 

Banquet** Commerce SA Piazza Meda, 1. ..... JESS, 

Main Branch, 51752 Avenue des Arts 20121 man, Italy Netherlands 

B-1040 Bruxelles, Brighton 

Coupons which shall mature on, or shall have matured prior to, said Redemption Date should be detached and surrendered for 
payment in the usual manner. 

NORGES KOMMUNALBANK 

By: The Chase Manhattan Bank (National Association), Fiscal Agent 

Dated: November 23, 1987 


The Chase Manhattan Bank, NA 

P.O. Box 4428 

Taunusanlage 11 

Frankfurt/Maln 

Germany 

Nedertandsche Credietbank. N.V. 

Herengracht 458 

P.O. Box 941 

Amsterdam 

Netherlands 



12 


Fit pinmi Umis Novtsribor 30 1987 


UK NEWS 


Nick Garnett looks at chang es in the earthmoving and' construction equipment industry 

Small heavy movers take the acquisition trail 


THE PURCHASE last week of 
the former General Motors truck 
ition in Dunstable by David 
Brown underlines a small 
strand in the changing fabric of 
British industry. 

In the past 18 months, a num- 
ber of relatively small companies 
with their roots in earthmoving 
and construction machlnt 
have been expanding by 
tion as well as by organic 
growth. 

David Brown’s own business, 
Artix, at Feteriee in County Dur- 
ham, manufactures its own 
designed articulated dump 
trucks which it supplies to Caters 
pillar of the US, the world's lar- 
gest earthmoving machinery 
company. 

The BM group is another 
example of expansion from a 
base m construction equipment. 
It has purchased during this 
period a handful of companies 
manufacturing concrete-making 
machinery, excavators, dump 
trucks ana lifting equipment. 

BBTs turnover has leapt from 
£36m in 1986-88 to £79m last 
year and is likely to exceed 
5100m this year. 

Another company in this cate- 
gory is the Brown Group, with 
headquarters in Pool, North 
Yorkshire, and run by three 
brothers, Gordon, Fred and Ron 
Brown. They an no relation to 
David Brown. 

In the past year the Brown 
Group has signed a deal to sup- 
ply Komatsu with dump tracks 
from Brown's plant at fifolde in 
Norway, which makes the Moxy 
truck range. It has also added to 


its existing business manufactor- 
ing stone-crushing machines by 

buying from the receiver the 
Leicester-based Parker company 
which makes stone-crushing 
equipment and conveyors. 

These stories of expansion 
catch the eye because they are in 
marked contrast to the painful 
turbulence and contraction in 
many other parts of t he UK c on- 
sttuctton equipment industry. 

For example, Aveling Barf ora, 
the Grantham maker of dump- 
trucks, wheel-loaders, graders 
and rollers has been locked in a 
difficult rationalisation, reorgan- 
isation and Job-shed ding pro- 
gramme after several years of 
neglect in marketing and manu- 
facturing. 

Barber-Greene of the US, 
which makes asphalt finishers 
and other road-buDdlng machin- 
ery at Bury St Edmonds, has also 
rationalised and cut jobs this 



David JB Brown with the Artix 404onne articulated damp truck 



to expand if ft can find suitable 
acquisitions. *We are always on 
the look-out for- something that 
will fit and that needs us, says 
Mr Fred Brown, the company's 
president. 

Its deal with Komatsu is to 
produce up .to 300 trucks a year 
for the Japanese company In a 


Ransomes and Rapier’s site at 
Ispwich making crawler and 
walking draglines and crawler 
cranes has just been shut follow- 
ing the company's purchase by 
Stothert and Pitt. Manufacturing 
capacity is bring transferred to 
Stothert and Pitt’s rite at Bath 
but Ransome's product line la 
understood to be under review. 

All this follows the controver- 
sial closure of Caterpillar's trac- 
tor-dozer plant in Scotland this 
year and the decision by North- 
ern Engineering Industries last 
year to dispose of three of its 
construction machinery busi- 
nesses, leaving it only with 
cranes. 


Some of this 
been necessary and Is 
However, ft reflects the contin- 
uing p ress u res in a fiercely com- 
petitive sector. 

That is what makes the growth 
of these other companies 
unusual. Mr David Phi llips of 
Corporate Intelligence Group, 
construction machinery analyst, 
says: “The new wave of invest- 
ment that Is taking place is a 
positive sign for our section of 
British industry.” 

Shute, ite^^chaLman^ami ^ch^ef 
executive, has shown a remark- 
able expansion rate which has 
given it a turnover now which is 
more than a third that of JC 


Bamford, the biggest UK con- 
struction equipment m a k e r . 

At the beginning eg last year 
BM had a collection of businesses 
making sand and gravel plant 
and converting machinery for 
processing materials. 

Since then it has bought' Ben- 
ford Concrete Machinery which 
makes dumpers up to five 
tonnes, vibrating rollers, aerial 
access equipment and concrete 
mixers. 

It has also acquired the three 
f earner NE3 companies. These are 
Hymac, making 12 tonne to 14 
tonne excavators; Ritemixer, 
which produces cement mixing 
platforms for trades; and Haula- 
wi»*h- manufacturing 20 tonne 


to 36 tonne dump trucks. The 
co m p a ny also acquired D Wick- 
ham, a Hertfordshire maker of 
hoists and lifts. It has moved a 
number of these businesses into 
its existing factory facilities. 

The acquisition trail is not 
over yet. "It is tune this industry 
changed,” says Mr Shute. "It has 
sat back on its laurels too tang. 
We are looking to increase our 
range of produ ct s in construction 

As with David Brown, BM has 
shownan interest in moving into 
areas that it has not been in 
.before. For example, Mr Shute is 
particularly keen to buy into 
fo gpd tool trinmiff-fnr in p 

The Brown Group is a&o ready 


complex deal which wul give the 
Moxy machine a bigger sales 

penetration in world markets. 

The Brown Group had sales of 
around S46m before the Parker 
purchase; It employs more than 
1,600 and claims to make about 
600 dump trucks a year 

This output is similar to that 
of David Brown's 'Artix in Peter- 
lee. Artix, with a turnover of 
about SfiQm, says its dump trade 
sales axe higher than those of 
Moxy because the avenge price 
of its trucks is greater. 

Total sales of Artix trucks, 
which all sell under the Caterpil- 
lar badge, is about the same as 
that of valvo'g articulated dump 
trucks, the other large supplier 
of this type of machinery. . 

Apart from the purchase of the 
GM plant from which the 62- 
y ear-old Mr David Brown- wfQ 
resume output of former Bedford 
trucks and bines, he recently 
completed a 100,000 sq ft fa ct ory 
at Stockton on Tees to make, 
among other products, an off- 
road vehicle,' 

His company has also been 
working on a number of new 
vehicle concepts, apart from the 
all-whedrdrive offineder. One of 
these, which has Just been 
launched, is a track trailer with 
drive and steering. 



The world's largest cane sugar 
refinery belongs to Tate & Lyle and 
you’ll find it down on the Thames at 
SHvertown in East London. 

In this case, biggest does mean best, tor 
Tate &Lyto am committed to a policy of 
investmertitorimpnNmgeffkx ency and reducing 
operating costs. 

Coal has the technolo gy 

The latest move on this front is the 
introduction of advanced coabbuming 
technology 

Very shortly the heart of the sugar refinery 
will be tour powerful ffuieffsed bed boilers, 
burning annually 100,000 tonnes of coal from the 


WHERE DOES HE GET 
HIS ENERGY FROM? 


highly productive Nottinghamshire coalfields of 
British Coal. This will generate electricity and 
provide steam tor refining one mfflontonnesaf 
raw cane sugar a yean 

The price is right 

To be competitive, Tate & Lyle need energy 


com. 


POWER IN THE LAND 


at the best prices in the shot and 
longterm. Thes considerable 

investment is based on their 
judgement of future energy prices. 
British Coal with its phenomenal improvements 
m productivity convinced Tate&Lyle that 

British Coal is the fuel lo energise Mr Cube. 

Make vbur move now 

Vbc/r organisation needs a source of 
energy with a price thats not at the mercy of the 
do liar or international juggling. Do what so marry 
other leading companies have done; make the 
move to British Coal. 


Branch) on 01-235 2020. 



Demand 6 ] 
for annual accounts 
to reflect inflation 


inmcHARDWArm * 

THERE IB little demand for com- 
panies* annual accounts to 
reflect the affects of inflation 
while it- remains at its current 
level, according to research car- 
ried out by MORI on behalf of 
the Chartered Assodatkm of Cer- 
tified Accountants. 

Historic cost accou 
which values assets at their 
Inal cost, is generally 
be justified as tang as 
stays below 10 per cent, the sur- 
vey found. 

. The findings of the survey, 
which covered 292 companies 
and users of accounts, come as 
the Standards Com- 

mittee considers whether to 
return to the topic of i nfl ati on 
accounting, the most c ont e n tious 
accounting issue of the past 
decade. It will use the MORI 
research as the barisfor deciding 
whether it should' attempt to 
introduce a new accounting stan- 
dard cm the subject. 


In spite of the lack of demand 
for inuation-adjiBted accounts.* 
slight majority of those in the 
MORI survey «ud the accoun- 
tancy pro f ea ao n should produce 
a. new statement on the subject, 
in nrenaration for periods of 


The ASCs previous ririement 
of standard accounting; SSAP lo, 
.was dropped last year after com-- 
panics MM to follow it 

The findings of the survey 
■ contrast sharply with the views 

of many accountants and aca- 
demics, who have argued for a 
system of accounting which 
reflects changing prices. 

Even low levels of inflation 
have a cumulative effect on asset 
value* shown in accounts. Assets 
stay on company balance sheets 
for an average of 17 years and 
many asset values shown by 
companies fail to reflect the high 
inflation of the late 1970s and 
e*riy 1980*. 


Insurance groups extend 
business mortgage role 

by PAULCHnaagaowr. pr o pe r t y cob h espohpent 


INSURANCE COMPANIES have 
been making inroads into the 
^commercial mortgage market 


with fixed-rate loans, at the 
expense of the banks. 

There are now 11 insurance 
nies In the market, nearly 
the number a year ami 
to the latest edition in 
Mortgage 


now 


compar 

double 


Blay’s 

TSbles. 


While the 12 hawk* in mar- 
ket have concentrated on float- 
ing rate loans, insurance compa- 
nies have preferred fixed rates. 
The only bank to offer fixed-rate 
funds has been -Lloyds, although 
not at a competitive rate. 

Insurance companies have 
offered interest charges of 
around 11 per cent, terming to 

wAm it thtf t wilf- . 

BMy nates that there has not 
been the same growth in the 
number of lenden to the residen- 


tial property market, and fur- 
thermore that lending institu- 
tions were inclined to operate In 
one market or the other but not 
both. 

Insurance companies 
offering commercial xn< 
are listed as Allied Dunbar, 
inertial Union, Crusader, 

Star, Norwich Union, Equitable 
life, Gresham Mortgage, London 
and Manchester, Royal Heritage. 
Sun Alliance and United 
Friendly. 

Generally, insurance compa- 
nies have placed a ceiling of i£in 
cm borrowing, but they will lend 
on most typo of commercial 
property including nursing 
homes, garages and licensed 
premises. Their greater interest 
in the mortgage market reflects, 
besfdeq the economy’s growth, 
demand 


the 


that has 
owner-occupied 


Tory MP attacks Land 
Registry staffing crisis 


FMANCIAL TIMES REPORTER 

A STAFFING crisis at the Gov- 
ernment's Land Registry means 
new houses can cast up to an 
V*xfr*L £3,000 .and. many' are 
standing empty even although 
buyers are ready to move In, a 
it Conservative back- 
ctaimed yesterday. 

Mr John Hedme, chairman of 
the Conservative I 
Environment Committee, 
"There is now a horrendous 
backlog of registrations which is 
causing hardship to bufldera and 
alike." 

Inland Revenue m ade a 
profit of 527m last year on a 
turnover of 5126m, but Treasury 
rules deny them the opportunity 
to increase manpower to cope 
with the backlog. 

He plans to raise the issue in 
the Commons today and said 
that in some cases the 
were adding up to £8,000 to 
‘cost of a new home. 

Builders who had borrowed 
money to finance developments 


were faced with big interest pay- 
ments because the newly-mxilt 
homes were hard to sell without 
the deeds. The interest had to be 
added to the cost of the property. 

A rise in the number of con- 
veyances and a plentiful supply 
of money had caused a substan- 
tial increase in the Regfatiy’s 
workload, with more than 2m 
applications for registrations and 
more than 4m applications for 
searches received - an increase of 
25 per cent, said Mr Heddle. 

"The main reason for this cri- 
sis Is the Govonmenf s own suc- 
cess in promoting home owner- 
ship, particularly among 
first- time buyers and former 
council house tenants. 

"The solution is either to allow 
the Registry to keep its profits to 
enable It to take on and train 
more staff, or to give it permis- 
sion to contract routine work out 
to local soUriton in the areas 
where tiie registry officers are 
situated." 


Venture capital fund 
reports record profits 

BY IAN HMHLTON FAZEY, NORTHERN CORRESPONDENT 


NORTHERN INVESTORS, the 
Newcastle venture capital fund, 
reported today a 34 per cent 
Increase in annual moots to a 
record 5298,000. Dividend Is 
being increased by lp to 4UBp per 
ordinary share. 

The SBm fund, launched in 
1984 and backed by private sec- 
tor money mainly man big busi- 
nesses in the north-east, has 
52.6m committed to 18 new, 
expanding companies in the 
north. It expects to be fully com- 
mitted, with about 40in vest- 
ments, within 12 months. 

Its success will be seen by the 
venture capital industry as an 
important step towards 
credibility for regional 


These are seeking to correct a 
massive regional imbalance in 
funding businesses, which 
has s een most investment con- 
centrated around London, where 
most of the venture capital funds 
are based. 

Mr Michael Denny, Northern 
Investors’ managing director, 
represents the emergent regional 
funds on the council of the Brit- 
ish Venture Capital Association. 

The fund achieved its first 
realisation in the year, selling its 
shareholding in the ferry opera- 
tor Norway Line at a profit of 
5124,000. 

Its main backers include NEL 
ICL and Vaux Breweries. 

Northern England Survey, 
Pages 1540 


Generic drug use ‘could 
saye NHS up to £100m’ 

BY PETER MARSH 

WIDER PRESCRIBING of generic 
rather than branded drags could 
save the National Health Service 
up to SlOOru a year, or roughly 5 
per cent of its pharmaceuticals 
bill, according to Drugs and 
Therapeutics Bulletin.- a new- 
sheet for doctors published by 
the Consumers’ Association. 

The bulletin, in' its issue pnb- 
[ fished today, tarn the savings 
would come about because 
neric, or- non-proprietory, 
ws are iwnnallytijeQjper than 
their branded equivalents. A 
generic medication has the same 
chemical characteristics as. Its 

branded counterpart although 

the. exact clinical effects may 
vary. At present generic dregs 
account for. 10 per cent of NHS 
spending on pharmaceuticals. 

■ Pharmacists, could cany less 
stock if doctors prescribed genet- 
ically, rather .than stipulating 
branded drugsfiays the bulletin. 

Increasiiig pse of generic alterna- 
tives could reduce the cost of 
some branded products and 


encourage more manufacturers 
to « Bm *wt generic formulations. 

Manufacturers of branded 
products frequently complain 
that wider use of generic medica- 
tions would lead to lower quality 
drags and Increase the risks to 
patients. 

According to the bulletin, how- 

most of the evidence 
residing the quality ofneneric 
jnvdods.is "anecdotal" The bul- 
letin says "The standard Ucens- 
Ing requirements are as rigid far 
generic , products as for branded 
ones. 

33m publication ad vises that to 
dispel lingering doubts over 
generic medications the drugs 
licensing authorities at the 
Department of Health and Social 
Security should Investigate any 
possible qualityproblems regartt 
' ing non-brjtnded products. 
"Instances of suspected differ- 
ences should be reported and 
investigated 'and the results 
printed." 









V. 




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lual ai.« 

-Ct ,n flatk 




* •.> 


* Kroups eJ. 


'- Ai **>CE*r 


P attacks Laa: 
staffing crlsii 


capita! fuss 

'cc^tii protits 
... 




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.i, 5 .p use l :: 

[^upi otl 


Financial Times Monday November 30 1987 


FINANCIAL TIMES 


CONTENTS 


,lsi 


EuonflMy 

PrafSa: Homy Ford* 

a 

Agrtcufcw 

Tourism 


Manufacturing 

Sport 


ProfBoe EraUne SoadBord 

CuHura 

4 


Independent for 21 
years this month, the 
island boasts the 
best-managed ■ 
economy in the 
Caribbean and political stability. Major 
challenges lie ahead, however: the 
economy has suffered a downturn this 
year, and unemployment continues to 
be a worry, writes Caroline Southey 

Batting on a 
sound wicket 


* ft 


mm 


THE CARIBBEAN’S 'Little 
England” celebrates 21 years of 
independence from the mother 
country this month. The moat 
easterly of the Caribbean chain 
of islands, Barbad o s can boast erf 
more than the sun, sand and sea 
which attract hundreds of thou- 
sands of tourists to its shores 
every year. 

It justifiably lays to the 
best-managed economy In the 
Caribbean which, although buf- 
feted by international recession- 
ary trends, has maintained an 
equilibrium unparalleled by its 
major trading partners in the 


Political tranquility is also a 
hallmark of the 166 square iwtw> 
island. Barbados, some argue, 
came of age long before 1987. 
The island's parliamentary tradi- 
tion stretches bade over three 
centuries - in celebrations 
will be held to mark its parlia- 
ment's 360th anniversary. 

Yet some major challenges lie 
ahead. A poor p erf or mance by 
the sugar and manufacturing 
sectors this year have exacer- 
bated a high rate of unemploy- 
ment. A downturn in the econo- 
mies of its major trading 
partners has led to the km of 
export markets - particularly in 
Caricom, the Caribbean Eco- 
nomic Community, a trade and 
economic grouping farmed in 
1973 width includes IS EngUah- 
speaking countries in the Carib- 
bean. 


Bajans, as the 260,000 inhabit-* 
ants of this - tiny Caribbean! 
island like to can themselves, are 
also apprehensive about the pos- 
sible impact of the world stock* 
market collapse on tourism. It fm 
the country’s main source of for- 
eign exchange earnings, with 
visitors from the US the rnggast ; 
.spenders. , 

’ Barbados is better placed than, 
most other Caribbean islands to 
overcome these economic hur- 
dles given its political stability. 
Four new mime ministers in two 
years without problems sur- 
rounding succession attests to 
the island's democratic tradition. . 
Two prime ministers, both vet- 
eran politicians, have died in 
office in the post two years - Hr 
Tom Adams in 198S ana Mr Erral 
Barrow in May this year. 














7^-t' IT* 


Barbados 


The task of filling the vacuum 


-has Adlen to teacher-' 
eltian Mr Ersldne 


tumed-pah- 

Sandiford. 


The Barbadian economy has Some people would even 
suffered a d o w n t u rn this year, far as to ungyMt growth 


Mr Barrow 


Democratic - whose way has been eased Some- 


Labour Party to a sweeping elec- wnat py tfte stri 

tocal victory in May last year Jh*l JOemocrriic L 

winning a massive majority over 

the Barbados Labour Party 5?^ 

which had eqjqyed ah uninter- 

rupted 10 yean in power. The 

Democratic Labour Party, after a te 2j er S is W- 

decade on the bade benches. 

found itself with . 24 of t ite Zf between the oppo 


ord, following its best performance percent." 
ime- this decade in 1906 when it grew His mi 


elec- wta*bY the strong position of by 5 per cent The depressed reflected in the 
year the Democratic Labour Party. He state of the economy has been iam and constn 


Some people would even go as like to reduce the level to 10 per 
for as to suggest growth of 23 cent In the medium term, a tar- 
percent.' get most economists fed ts too 

His measured optimism is optimistic, 
reflected In the figures for tour- Mr Cox, however, warns that 
iam and construction. The gov-- the danger of trying to find a 
eminent is relying on the tourist quick sohxtkm to the tmemploy- 


< j wi ti r this year. in sugar. „ , ri 

decade on the back Imichaa! . Zoological differences The prognosis, however, is by inflation 'under 
found Itself with . 24 of the 2? j^ waMt J :he o pposition Barbadna no means poor. Mr Winston Cox, year prices rose b 
parliamentary seats. Labour Party, led by Mr Henry Director of Finance and Plan- and sir Cox Is i 

Both Mr Adams and Mr Barrow Forde, and the ruling party are nin& says; *We knew we had to despite signs at a 
dominated the political transi- negligible. The exceptional depend on construction and this year, the inf! 
tion years of the early 1960s - Mr “wing in the voting pattern last tourism this year. Cons tru c ti on be kept under con 
Barrow led the Island to lnde- y*af had moneto do with person- has lived up to expectations. Reducing unem] 
pendence in 1966 - and the kg- * Ii p CT 1 giy_P° liei ?» ^though tax tourism has surpassed expects- ently running at 


poor performance a 


sector performance during the 
coming dry months to maintain 
on the current account 


ment problem will create more 
severe problems. He says that 
the temptation is to rely on the 


The Government has also kept government to gene rate em; 


ie ruling party are ning says; "We knew we had to .despite signs of a rise In prices 
The exceptional depend on construction and this year, the inflation rate will 


tourism this year. Cons tru c ti on be kept under control 


acy of their flamboyant styles 
has left its marie on the political 
expectations of afl Bsjsns. 


cut pledges by the Democratic ttona. We expected flat 
Labour Party no doubt made It a this year but we now. ' 
more attractive proposition. could be as much as 2 j 


» expected flat growth cent, continues 
' but we now . tunk it government’s j 
as much as 2 per cent diford has stat 

= ADVERTISEMENT 


! signs of a rise in prices to stimulate the economy 
sr, the inflation rate will through fiscal stimulus any more 
t under control than has already been done 

udng unemployment, pres- because of the implications for 
running at about 16 per the fiscal deficit” 
cent continues to be one of the The Government has hinted 
ment’s priorities. Mr San- that it is set to take final rnea- 
has stated that he would sures to reduce the fiscal iWMt 


“We have yet to enter into seri- 
ous negotiations with the Gov- 
ernment about what the targets 
. ought to be for the coming year,’ 

says' Dr King. 

Mr Cox says, however, that the 
government has successfully 
tapped the international finan- 
cial rti pjfcul markets. "Our strat- 
egy has been to limit our borrow- 
ing to replace maturing debt. We 
have had a surplus on the cur- 
rent account of our balance of 
payments in 1984, 1986 and 1986 
which is obviously the underpin- 
ning factor. 

He concedes, however, that it 
may be difficult to maintain a 
surplus this year, but argues that 
even a small deficit mil allow 
the government to continue this 
strategy. 

In a bid to overcome the loss of 
regional markets - caused mainly 
by the poor economic perfor- 
mances of its major trading part- 
ners in the Caribbean and 
increased protectionism in the 
region - and resultant fall in for- 
eign exchange reserves, the Gov- 
ernment is turning its attention 
to developing outlets further 
afield. Extra-regional markets, 
primarily the US and Canada, 
are now the focus of its atten- 
tion. 

Mr Sandiford denies that Bar- 
bados is abandoning its commit- 
ment to Caricom by this shift in 
focus. “We are committed to Car- 
icom as an economic entity and 
aerie to maintain it as such. Just 
as the UK discovered that 
Europe was its home base, so we 
consider the Caribbean to be our 
home base, our natural area.” 

Mr Sandiford has a personal 
as well as political commitment 
to the region. He is, he says, a 
regionalist at heart But he adds: 
"I am also a realist Although I 
am fully committed to the Carib- 
bean and the integration of the 
Caribbean 1 know that there 
have been many attempts at fed- 
eration and all have stumbled. 
For the Caribbean as a region 1 
don’t think that federation 
would work. We have to find 
other means of cementing the 
search for integration.” 

Dr Knrleigh King, Governor of 
the CentnlBank, supports this 
■view. *1 don't think the quest for 
extra-regkmal markets will be 
harmful to Caricom. It was also 
understood that the Caricom 
market was only a Jumping-off 
ground for home manufacturers. 
It was in a sense to get them 
used to the notion of exporting 
We need to go beyond that now/ 

He adds that Barbados' efforts 
to develop its manufacturing 
base cannot be supported by a 
market of fim people. He a d mit s 
that the manufacturing sector is 
not going to be one of the 
island's high-flying sectors. 


Barbados is also hopeful that 
.changes to the Caribbean Basin 
Initiative (CBQ, set in motion by 
the Reagan Administration 
shortly alter the invasion of 
Grenada in 1983, will make it 
more relevant to the island’s 
export drive. The initiative, 
designed to promote better trade 


relations with the US by lifting 
restrictions, has been Harshly 
criticised. 

The main bone of contention is 
that products which the Carib- 
bean countries have the gre a t e st 
capacity to manufacture such as 
shoes, textiles, leather goods and 
sugar, are subject to severe 
restrictions or excluded from the 
duty-free arrangements. 

Mr Sandiford says he Is fully 
behind the initiative although he 
admits that the things we were 
best able to produce were 
excluded from the agreement 
such as garment production and 


For Bajans, however, the pre- 
occupation of the moment has 
not been contracting regional 
markets, unemployment, infla- 
tion or the fiscal deficit. The 
greatest agony has been the less 
than inspiring performance by 
the West Indies cricket team in 
the World Cup series in Pakistan. 

All the misery of a nation that 
for a generation has not suffered 
defeat on the international 
cricket ground has been heaped 
on the head of one man - captain 
Viv Richards. The depth of feel- 
ing fs understandable. Since the 
island played in the first major 
match ever In the Caribbean in 
1865, Barbados has produced 
cricketers of the highest calibre 
who have come from all sections 
of the community. 

Two of the three West Indian 
cricketers knighted for their ser- 
vices to cricke t came from Bar- 
bados - all-rounder Sir Frank 
Worrefl, the first blade man to 
captain the West Indies, and Sir 
Garfield Sobers. 

The Government has begun to 
take advantage of one of its 
greatest assets and is now link- 
ing tourism and sprat. Barbados’ 
most illustrious sporting son. Sir 
Garfield, has been assigned the 
post of sports consultant to the 
Board of Tourism. 

Another cricketing legend of 
the 1960s, the fast bowler Wes 
HaU, elected to the House of 
Assembly last year, now holds 
the tourism aim sport portfolio 
in cabinet. 

In the coming year the Gov- 
ernment will need all its Imagi- 
nation to maintain the growth of 
its tourism sector as the threat of 
a world recession looms ever lar- 
ger. A drop In tourist arrivals 
from the US could be devastat- 
ing and it may prove more diffi- 
cult to attract new foreign 
investment to expand its manu- 
facturing base. 



MESSAGE FROM THE S£5» 

also include 
- completii 

HON. L. ERSKINE 

SANDIFORD, aSStt 

Recent Ec 
1 . 981-1985 

PRIME MINISTER OF jj-- 

BARBADOS the second 


Introduction 

Barbados celebrates twenty-one yean as an Inde- 
pendent nation, conadoms of tbe need to chart new 
social and economic development strategies which 
will consolidate the gains made over the yen and 
lay the basis for advances in the Jfatnre. 

My dovemment assumed Office in May, 1980 with 8 
commitment to the fundamental goals of: 

- high levels of productive employment; 

- viable balance of payments ana fiscal positions; 

- sa ti s f actory levels of output and economic growth; 

- equity . In the distribution of rising incomes; 

- stability in price levels; and 

- a stable currency 

In July 1986, my Government Introduced measures to 
revitalise the economy and stimulate growth. These mev 
sures represented a major change in fiscal policy. They 
provided substantial tax concessions to individuals ana 
corporations, increased purchasing power and provided 
assistance to businesses m the hope of strengthening the 


economy and creating employment. These measures 
formed tire major part of a short-term, programme, which 
also included: 

- completing the main dements of the 1983 to 1987 
Development Flan; and 

- preparing a new development plan for 1968 to 1993, in 
the context of a development strategy based on the 
manifesto on which the Democratic Labour Party was 
elected to office. 

Recent Economic Performance 
1981-1985 

The fiscal programme of July, 1986 was introduced 
against a background of fluctuating fortunes for the 
economy since 1980. The recession wBidh occurred after 
the second oil shock affected the main export sectors - 
tourism, manufacturing and sugar and earnings fell as a 
result. The downturn spread across all the sectors of the 
economy. Gross Domestic Product (GDP) declined in 
1981 and 1982 and remained virtually unchanged in 

1983. There was some recovery in 1984, and again in 

1985 when GDP grew by 3.6 per emit and 1 per cent, 
respectively. 

While going through this economic downturn, Barbados 
entered into and successfully completed an International 
Monetary Fund Standby Programme between 1962 and 

1984. This helped to keep the economy on a viable path 
and to avoid the more chronic problems associated with 
the debt crisis, which affected a number of developing 
countries. 

Economic Performance In 1888 
In 1986, economic activity returned to 1960 levels. Real 
GDP grew by S. per emit, with all the major productive 
sectors contributing. 

There was expansion in the export sectors - sugar, manu- 
facturing ana tourism, - although some of the exports of 
'manufacturing began to show signs of weakening. . 
Unemployment as a percentage of the labour force was 
17.7 pa cent - a fall of cute percentage point from the 

1986 average. Inflation, which was 3JT per emit in 1985, 
fel to 1.3 per cent 

Sugar production in 1986 was the highest since 1980. The 
increase was made possible by more favourable crop 
conditions, including adequate rainfall and improve- 
ments in cane harvesting and factory practices. Unfortu- 
nately, export prices were no better in 1986 and the. 
gains in production did not bring any increase in foreign 
exchange. 

Tourism regained some momentum in 1986, and there 
were increases in tourist arrivals and spending. The 3i> 
per cent growth of 1986 came about as a result of 
stronger Unified Kingdom and United States markets fnd 
reversed the 3.0 per cent decline of 1986. ... 


s of weakening, 
labour force was 
e point from the 
per emit in 1985, 


Exports of assembled goods and textiles and wearing 
apparel fell, even though there was growth in manufac- 
turing as a whole. A stump in prices and weak market 
conditions affected micro-chips which had contributed a 
major share of manufactured exports. Textiles and wear- 
ing apparel exports were affected by trade problems 
within the CARICOM region. 

The increase in disposable incomes resulting from the 
fiscal measures of July 1986 was responsible for expan- 
sion in construction and in domestic manufacturing. 
Home construction increased by 35 per cent, sti m ula te d 
in part, by a reduction in mortgage interest rates from 

11.0 per cent to 10.0 per cent in April and then again to 

9.0 per cent on October 21. The lowering of mortgage 
interest rates was made possible by the generally high 
liquidity in the banking sector during 1986. Residential 
mortgages outstanding by the major financial institu- 
tions increased by $50.2 million compared with a $21.9 
million increase in the previous year. 

In 1986, a Tax Information Exchange Agreement was 
concluded and a Double Taxation Treaty was ratified 
with the United States of America, enhancing the pros- 
pects for Barbados as an offshore financial centre. At the 
end of the year there were 650 companies registered. 
Two hundred and twenty of these were foreign sales 
corporation, 46 were exempt Insurance companies. There 
were also 18 insurance management companies, 4 off- 
shore banks and 13 shipping companies registered. 

The balance of payments surplus at the end of 1986 was 
$6.2 million, the second consecutive year in which a 
surplus was recorded. The current account of the bal- 
ance of payments was also in surplus, in 1984 and 1985. 
This performance enabled Government to make judi- 
cious use of the international capital markets to meet 
maturing debt Government's fiscal deficit on current 
account was $15.2 million in fiscal year 1986/87 com- 
pared to $15.2 million in fiscal year 1985/86. 

The First Six Months of 1887 

At the start of the year the outlook was not too promis- 
ing. While the economy had grown by 5 per cent in 1986, 
there was no expectation that real increase in economic 
activity would reach a high level in 1967. The target for 
the sugar industry was well below the 1986 production 
and the closure of one manufacturing plant as well as 
the trade restrictions in CARICOM threw a long shadow 
over the manufacturing sector. The fiscal deficit was also 
expected to be excessively large unless appropriate cor- 
rective action was taken; the balance of payments too 
would have been under severe pressure as a result of 
falling export income and rising demand for consumer 
imports. Only tourism and construction were expected to 
remain buoyant. Inflation would again be moderate, but 
unfortunately, unemployment was not expected to 
. decline. 

The experience in 1987 is, however, somewhat bettor 
than anticipated. The average annual rate of inflation at 

2.0 per cent to the end of September remained negligible 
ana real output during the first nine months of the year 
was slightly higher than for the corresponding months of 
1986. Both the tourism and construction sectors have 
been performing satisfactorily. As a result of charter 
arrangements out of the United Kingdom, this year’s 
summer tourist season has been one of the best on 
record. The number of long stay visitors, after declining 
2.5 per cent between January and March was 11J5 per 
cent higher than up to the end of August 1986. Grmse 
ship arrivals for the first nine months of this year were 
71 per cent more than in the corresponding period last 
year. Although the increased number of visitors does not 
mean that the tourist industry has recovered all the lost 
ground, the trends are encouraging. 


The reduction of mortgage interest rates and the rise in 
disposable incomes, following the tax cuts in 1986, have 
stimulated private home bunding which is leading the 
expansion in the construction sector. Residential mort- 
gage lending increased by 19 per cent up to the end of 
September this year and housing starts in the first quar- 
ter of the year rose 45 per cent. Government’s housing 
and road construction and repair programmes, also con- 
tributed to the buoyancy of the construction sector. The 
outlook for the rest of the year is for continued strong 
demand for housing and increased activity in home 
construction. 


The information on production in non-sugar agriculture 
suggested that there were increases in output for most 
categories of vegetables in the first half of 1987. The 
cotton harvest increased by 24J2 per cent over that for 
1986. Production in livestock products was also greater 
and the outlook for the second half of the year is that 
1987 output will increase for most of the major crops and 
livestock commodities. This optimism is inspired by the 
success of initiatives to penetrate the Canadian and USA 
markets. 

Except for tourism, construction and distribution, the 
other sectors of the economy have not been vibrant. In 
agriculture, sugar production of 83,432 tonnes fell short 
of the target of 90,000 tonnes and was 25 per cent below 
output in 1986. 

In the industrial sector, production for the domestic 
market has been increasing but not sufficient to prevent 
an overall -decline - estimated at 12 per cent - in manu- 
facturing output. The loss of foreign markets, both 
regionally and extra- regionally, has increased the 
unused capacity in the sector. 

Growth for the remainder of 1987 depends on the perfor- 
mance of the tourism and construction sectors, and the 
indications are that, as a result of their continued buoy- 
ancy real GDP in 1987 could be higher than for 1986. 
However, these slender gains could very easily evapo- 
rate, if an already volatile international economic envi- 
ronment becomes even more so as a result of the 
economic uncertainties in the major industrial countries 
consequent upon the decline in share prices in the prin- 
cipal financial centres. While we cannot say as yet what 
this will mean for Barbados, we are concerned that these 
events could lead to slower growth, or trigger a recession 
in those countries from which the bulk of our tourists 
come. 

We remain optimistic, but cautious about economic 
developments in 1988. The downturn in both manu- 
facturing and sugar should be arrested and we anticipate 
and both construction and tourism will remain buoyant 
through the year ahead. As a result real- output should 
again increase by around two per cent but a lot will 
depend on the resolution of the major problems facing 
we world economy. In the circumstances Government 
wiu seek to put more Barbadians into productive 
employment while , at the same time doing whatever 
possible to safeguard the fiscal and balance of payments 
position. 


s/C 

Government Headquarters 
Bridgetown, Barbados. 


n ■ ’ 



14 


Financial Times Monday November 30 1987 


( BARBADOS 2 ) 


BARBAIX3S IS facing some pain- 
ful economic adjustments as it 
celebrates 21 years or nation- 
hood this month. 

Although it has cme of the bp«$ 
managed economies in the Carib- 
bean region,. its dependence on 
regional and extra-regional mar- 
kets has, to .a large extent, left its 
economic fortunes at the .mercy 
of factors beyond its control 

The greatest burden it has had 
to bear during the last year has 
been the contraction of regional 
markets due ; to poor economic 
performance; by its Caribbean 
neighbours. 1 The adjustments 
needed to extend its economic 
sights beyond the relative cosy 
comforts of Caricom are only 
now being addressed in earnest 

The economy is under pressure 
on the domestic front It suffered 
a downturn In the first 9 months 
of this year after a growth rate 
of 5 per cent in 1986 - the high- 
est since 1980. Mr Winston Cox, 
Director of Finance and Plan- 
ning, predicts a growth rate of 
about 2 per cent this year, 
although some economists think 
this is too optimistic, forecasting 
growth of just 1 percent. 

Against the background of 
negative growth of 2 per cent 
between 1980 and 1986, Mr 
Ersldne San diford. Prime Minis- 
ter and Finance Minister says: 
"In the prevailing economic con- 
ditions, both in the Caricom area 
and In the world Itself, I think 
any growth this year would be 

acceptable." 

Stagnation or negative growth 
were averted this year only by 
the growth in tourism. Arrivals 
in the first nine months of the 
year were estimated to have 
increased by 8.5 per cent last 
year. The estimate reflects a 
trend shown in the first 6 
months of this year when tourist 


The economy must adjust to a contraction of regional markets 

Looking beyond Caricom 


US as a potential market and 
away from traditional Caricom 
outlets. Bather, the * 


arrivals rose by 72 per cent to 
209,700 from 195,600 in the first 
6 months of last year. 

Although the US remains the 
main source of tourist earnings - 
last year the US accounted for 45 
per cent of all arrivals - B ritish 
citizens have been arrivingln 
ever greater numbers, up by 22.6 
per cent last year. 

The Tourist Board is optimistic 
about developing European mar- 
kets. The fall in the value of the 
dollar has made Barbados an 
increasingly attractive proposi- 
tion for European holidaymakers 
and the board is devoting addi- 
tional resources to exploit what 
it feels is an untapped market. 

Along with tourism, the con- 
struction sector remained buoy- 
ant. Public sector construction 
activity, boosted partly last year 
by a pre-election spending boom, 
remained high in the first, six 
months of they ear. Work contin- 
ues on a BD$37m highway. 

Private housebuilding 
remained high as last year's tax 
cuts and a mop in the mortgage 
lending rate led to a higher 
demand for housing. Mortgage 
lending rose by BD$26m between 
December 1986 and June this 
year. 

Increas e d activity in construc- 
tion and tourism has done little 
to alleviate the country's unem- 
ployment problem. After a drop 
of 2.4 per cent in the number of 
jobless last year from 21,200 (or 
18.6 per cent of the workforce) 
in 1985 to 20,700, the figure has 
remained virtually static in the 


Together 

we help build Barbados 

71m C-O. VKffiami Grow of Companies is fully ownod by 
Barbadian sherahoidera and startsd from a humbto beginning 27 
years ago when the Construction Company was founded by the 
Chairman, Mr. Charles Ottawa 'COW* Williams. Together the 
Group employs ovm-1,000 Barbed inns end Is proud to hern 
played a significant role in the economic and social wefl-being of 
many Barbadians. 

CLP. WWeia Cons truction Lbnitad, which was the first to start 
oper a t i ons, is today the tmgast co nstru ction comp a ny on the 
island. The Conpary has successfully won contract s fat the 
Inter national arena, saving Barbados valuable foreipt exchange. 
During 19B6 and 1987. the Company constructed the Northern 
Access Road and the Bridgetown Fishing Harbour. In 1986, it 
resurfaced the 11,000 ft. runway at the I n te rn ati on al Airport in 
conjuction with Wfanpey Asphalt Limited of the United 
Kingdom. In 1987. the C onstru c ti o n Com pa n y took a number of 
subridiary companies in the Group under its wing, which 
t og e ther am roponsibte for the production on 2J6O0 acres of 
atp&ultural land. In addition to atger, major emphasis has bean 
placed on dhcarsJficatkxi and the davetopmant of beef and dairy 
cards. It constitutes the largest private sector venhiro fai the 
field, with 700 head of beef cattle and 250 dairy stock. Cotton, 
Somd and Exotic Flowers are among tha crops which along 
with Sugar, all earn valuable fonigi exchange for Barbados. 
Structural S y stems Lfamtsd Has bean manufacturing and supply- 
ing prefabricated metal buildings to tha industrial and co mmer ci al 
sectors for tha past twelve years. This Company abo exports its 
products naming valuable foreign exchange. The Company takes 
pride in producing the most versatile and economical steel struc- 
tures. Among these have been fa cto r ie s , mwehousm and office 
buildings, as well as hotels and ultra madam bus terminals. 

C.O. WUtans Electrical Limited is one of the major electrical 
c o n t rac tors an the island and was r es po nsible for installing til 
the cables and switch gaar etc., at major projects throu0>> 
out the Island including tha Arawak Cement Plant and tin 
Barbados Light & Power stations. This company has tha largest 
. -stati service centre’ and also supplies a vwfety of electrical and 
. and construction accessories. 

BRC Wast Indies Limited as the name implies. Is the sole mm- 
facturer of BRC Fabrics (welded wire merit) in the West Indies. 
The Company supplies tin entire Caribbean with products 
made to International spe cifi cat i ons, including roofing and 
cladding materials, bric kf orc a , reban, steal and gatvsnisad mash. 
Approximately 35% at the total production is exported. This 
company is a vary successful 60/50 joint venture b etw ee n 
British and Barbadian Industries. 

Randy Mta Limited and Rand y Bock Limited ere two risnr 
Companies in tha Group, whose ready mixed concrete and 
precision-made concrete blocks haw bean used In til tha major 
construction projects throughout the island. 

Tririant Inte rna t i onal Corporation based in Houston, Texas is a 
joint venture between Tha C.O. WHBams Group and an America n . 
This company supplies seif-storage warehouse buSdingi of a 
superior design across tha Unhad States earning valuable foreign 
exchange for Barbados. 

’We'll Move the Earth to Please' 


CO 

nm . : n-i 

uu 

[OnSTRUETIOn UilHTED. 


Lears. St. Mchaal. Barbados. Telephone 009) 436-3910 
Fax 009)427-6336. Telex 2576 COWCONCT WB. 


'Beauty With a Heart of Steel ' ■ 

STRUCTURAL SYSTEMS 
LIMITED 


Warrens, St Michael. Barbados. Tel e ph one 009) 425-2250 
Fax 009) 4244)374. Ctirie TflLLENG' Barbados. Tatar 2366 COW WB. 



'Currently, We Are the Best' 


CO 

uu 


G.l.WlliUMS 
ELECTRICAL LIMITED 


Wanaos. St. Michael. Barbados T e leph o n e 009) 42 S -22 5 0 
Fax (809) 424 037* Ctiria YIILLENG* Barbados. Taiex 2366 COW WB. 


‘ Products With Guaranteed High Quality.' 

Bt€ 

WEST INDIES LIMITED 

Cana Garden. St Thomas. Barbados. Telephone 009) 425-0371 
Fax (80S) 426-2941. Tatar 2469 BRC W I WB. 


'The Right Combination * 



R€AD¥ 
^■gLQGH 

Lodge HID. St Mkhaai. Barbados. Telephone: (809) 425-1400. 





Trident International Corporation 

P O. Box 800515. Houston, Tans 772804)515 
Telephone (713) 939-0802. Fxx (713) 6802316. 


first 9 months of this year. 

Mr Sandiford has singled out a 
redaction in the unemployment 
as one of his priorities, 
of the major reasons for a 
in government In 1986 
was the dismal record of the pre- 
vious government on the unem- 
ployment question. 1 would 
really like to see nnemployinent 
in the medium tom down to 10 
per cent and thereafter down to 
a lower figure." 

Economists, however, are scep- 
tical about whether this can be 
achieved, given the low. .level of 
industrial activity, the poor per- 
formance of the manufacturing 

sector, and lack of foreign invest- 
ment. 

The fledgling manufacturing 
sector suffered its most severe 
setback last year with the clo- 
sure of a plant established by 
Intel, the US electronics group. 
The closure damaged output in 
the sector which fell by an esti- 
mated 12 per cent in the first 
nine months of the year. 

Barbados’ track record on 
attracting new foreign invest- 
ment for the manufacturing sec- 
tor is weak. Ho w ever, Mr Cox 
says there is some indication 
that different kinds of foreign 
operations wQl beset up. 

The sugar yield per acre fell to 
the lowest levels since 1948, pri- 
marily due to a longer dry sea- 
son this year. Output was tar- 
geted this year to meet only 
contractual needs because of the 
low sugar price; but still fell 7 
per cent below target Output at 
83,432 tonnes was 25 per ce n t 
below last year’s. 

Poor performances in the man- 
ufacturing and sugar sectors, 
which have been the primary 
contributors to Barbados visible 
export earnings, exacerbated a 



Capital Bridgetown 


decline in exports. Domestic 
exports for the first nine months 
of 1987 were less than half their 
value in 1986. • 

These figures reflect last year’s 
disturbing trend when the deficit 
on visible trade worsened, rising 
to BDS62&8m from BD$51&8m 
in 1985. Exports foil by 22 per 
cent from BDS707.781 in 1966 to 
BDS552J283 last year. The fall in 
imports from oDS 1.221 bn in 
1985 to BDSl.l81hn did little to 

offset the imbalance. 

The trade deficit with Caricom 
countries, which as a group form 
Barbados’ second largest trading 
after the US, rose to 
i.9m last year. This cora- 
with a deficit of BD$19.7m 
in 1985 and a surplus of* 
BD*2L2m in 1984. 

Overall, exports to Caricom 
declined by 40 per cent to 
BD$96m fa 1986, mainly due to 
the island's limited access to the 
Trinidad and Tobago markets 
where sales have declined by 70 
per cent since 1983. 

Caricom countries also 


xediate improve- 
if protectionist 
i lifted, exports 


received a smaller prop o r ti on of 
Barbados' exports, 17.4 par cent 
in 1986 compared, with 22.7 per 
cent in 1985. 

Despite efforts farther to liber- 
alise trade relations between 
Caricom . most rec en t l y fa 
July this year, there is pessimism 
about any immediate ixm 
ments. “Even 
measures were 
might not increase because of 
depressed demand and the fact 
that the purchasing power is not 
there in the present recessionary 
climate,* says a Caribbean Devel- 
opment Bank economist 

The US re-emerged as Barba- 
dos' major trading partner last 
year. The US bought 23.7 per 
cent of Barbados’ exports in 
1986, compared with 18.4 per 
cent m 1985. Exports to the US 
increased marginally by 0-7 pc r 
cent to BDSlSlra co mp ared with 
decreases of 10.2 per cent in 1984 
and 40.1 per cent in 1985. 

There is little concern that 
patterns are c han gi n g 
a greater reliance cm the 


fa committed to developing 
extra-regional markets ^ both to 
bO Offf. its TMimfflrtnrlM haae ami 
to improve its visible export 
earnings. 

"I am not regre tting the 
rhano e of direction tuwHius the 
US,’ says Dr Kuridgh King, Cen- 
tral Bank Governor. ‘Instead of 
complaining about the loss of 
regional markets, the private sec- 
tor should get up and do some- 
thing. It is going to be more diffi- 
cult than it was. It was relatively 
easy to sell to Trinidad with the 
cost advantage when their mar- 
ket was really very strong. Now 
that that is no longer so we have 
to lode to the US and Canada 
and that is hard work.” 

He feds the government has to 
help manufacturers find and 
capture new maiketa. "We cant 
keep looking at bid markets and 
old ways of producing. Com- 
pared with production costs in 
the developed countries, we are 
still, relatively, a low cost pro- 
ducer. I’m sure we can break 
into these markets. There is 
nothing wrong with our manu- 
facturers. It is just that a mental 
switch has to be made to focus 
oar attention on new markets.” 

. Particular emphasis has been 
placed on the expansion of the 
international financial business 
se r v ice s . The g r ow th of this sec- 
tor wss particularly strong in 

1986. The trend has continued in 

1987, albeit at a slower pace, 
with growth In exempt insur- 
ance companies. 

To ease tire press u re on the 
the^OVeTO- 

eLgn°exc^ange reser ves . 'Safba- 
dos has, however, kept inflation 
under canttoL Last year prices 
rose by L3 per cent, the lowest 
inflation rate In Caricom, and 
the lowest in 19 yearn In 1986 
the rate was 3£ per cent 


New exchange opened 


Barbados* new Securities 

Exchange, which only begs* 

on June 12* has IS 
listed companies and . has a 
listed capitalisation of 
IMa snares worth 
3DS453m. In October 
117,886 shares ehanged 
hands at a value of 
BMS70JSS. 

The isolation of the tiny 
Bri dgeto w n exchange meant 
It was totally insulated 
from the blow suffered by 


the world's largest stock 
.exchanges on Black Hon* 

Xing says the exchange 

has been doing "as well as 
could be expected. 

"We did not have aay Ufa- 
■ions about how quickly It 
could get off the ground. 
This is a tittle start, a mod- 
est start. We know that you 
don't make big private 
Investors out of the jaobtic 
in a few months." 


Prices have risen again this 
year, up 48 per cent between 
January and August. This was 
partly expected, however, 
because of continued recovery in 
the price of ofl. 


this . 
come against 


hat 

ie backdrop of a 


shift in fiscal policy by the gov- 
erning Democratic Labour Party. 
The party was swept into power 
East year on pl ed g e s of tax cuts 
and an extensive p ri vat is a tion 
programme. 

The relief on personal taxation 
/- tax exemption cm BDt 15,000 a 
year was introduced in July last 
year - has had some negative 
impact on tax revenues. How- 
ever, despite a cut in corporation 
tax rate firxn 45 per cent to 35 
per cent, companies reported 
increased profits for the second 
year running and company tax 
collections increased. 

Despite the foil in tax reve- 
nues, ux Sandiford says the gov- 
ernment remains committed to 
the lower tax rates. However, the 
government has raised additional 
revenues by increaring indirect 
taxes such as consumption tax 
and duties. 

Doxing the financial years 
1980/87 the deficit on cunent 
account stood at BDSlOlim com- 
pared with BD$15m in 1985/ 


. BDS2Llm in 1084/85 and a 
Its of BDS22.4m in 19IB/84. 

The tax cuts have, as yet, not 
made an impact on stimulating 
growth and Investment in the 
private sector. Mr Sandiford, 
however, remains optimistic:' 
The tax cuts were a step in the 
right direction to put more 
money in the pocket* of individ- 
uals and also Into the coffers of 
business houses in the heme this 
might stimulate greater demand 
ana hence fuel economic activity 
hopefully economic growth. 

The architect of these policies, 
'Dr Richie Haynes, the former 
Finance Minister, resigned in 
September. The acrimony of his 
departure - his primary com- 
plaint was that Prime. Minister 
Ersldne Sandiford unilaterally 
appointed a new central bank 
governor - has raised questions 
about which economic policies 
the government will be imple- 
menting next. 

Mr Sandiford remains adamant 
that there win be no radical shift 
In policy direction. He is deter- 
mined to shore up the weaker 
sectors of the economy and to 
tackle some of the underlying 
structural problems. 

CaroSno Southay 


T.Itti - 

pro- 


“SUGAR CANE fanning holds 
this country together/ says Mr 
Eric Deane/Managing Director of 
Barbados Sugar Industry 
ited, a consortium which 
ceases the island's canes. 

Sugar fa wwnnnHrally Im 

tant to Barbados, although it 
been replaced by tourism as the 
main foreign currency earner. 
But Mr Deane’s statement has lit- 
tle to do with the economic 
returns which the national econ- 
omy gets from sugar. It refers to 
the role of the cane plant in 
ensuring that other forms of 
agriculture are possible. 

Agronomically, Barbados has 
always walked a very thin line. 
The island's coral rode base is 
covered by a Layer of soil which 
averages 18 inches thick. Soil 
erosion is a constant fear, forcing 
the island’s fanners into protec- 
tive husbandry. Areas which 
have lost the topeoil cannot be 
retrieved for agriculture. 

There is a need for certain 
grass crops to keep the soil 
together," Mr Deane explains. 
"Sugar canes do this best. The 
rainfall pattern in Barbados is 
erratic, and not many crops can 
survive. Irrigation is limited 
because there is little under- 
flcrand water.” 

This, In part, explains the 
co un try’s continuing tolerance of 
an Industry which, at current 
production costs, is not viable. 
Over the past five years the Bar- 
bados sugar industry has 
received financial support of 
BDSTOm, mainly through bond 
issues. 

Government officials say the 
industry cannot expect to be via- 
ble at current world prices, 
despite a guaranteed market for 
some exports to the EC and a 
dwindling quota to the US. But 


Agriculture 

Question lies in the soil 


-the sector employs about 5,000 
people - another factor which 
underlines its importance, 
despite its lack of viability. 

. So fundamental is the sugar 
sector to the country ’s life, says 
Mr Noel Syramonds, Service 
‘Manager of BSIL, that "If this 
industry were to fail, it would 
take a kit of businesses with it 
and the government national 
insurance scheme, for example, 
would be fa trouble. This indus- 
try is under pressure in every 
country, but in Barbados, with- 
out it there will be more serious 
problems than many people real- 
ise.* ' 

Output of raw sugar has fluc- 
tuated over the past five yean, 
with this year’s harvest yielding 
83£74 tonnes, 27,384 tonnes less 
than last years. The target for 
the crop was 90,000 tonnes and 
officials have said the shortfall 
was due to poor weather, it hav- 
ing been the driest reaping sea- 
son since 1941. 

The industry also faces 
increasing problems with its for- 
eign marras. like ah other pro- 
ducers In the region, the current 
world market prices do not cover 
production casts, and the indus- 
try is kept alive only by prefer- 
ential wnwrfr fft agreeme n t s. 

Under the Sugar Protocol of 
the Lome Convention, Barbados 
has acces s to the EC market for 
about 64,000 tonnes of sugar per 
year, about two- thirds of its 
exports. But even here, earnings 


Sugar 


Exports to the United States 



estleveL 

The loss of port of the US mar- 
ket has forced the industry to 
— m increasing quantities on 
less lucrative world market. The 


2*E!4 


contributed to a 4.5 per cent 
expanskm in agricultural output 
last year. 

The effort to expand output in 
areas other than sugar will be 
intensified, following the com- 
pletion by the Government of a 
live year plan for agricultural 
development. 

Officials of the agriculture 
ministry say the plan is aimed at 
raising foreign earnings through 
increased output, and encourag- 
ing more fanners by increasing 
their earnings. 


of 


1986 


1987 


-l 


0 20 40 60 

So urco: Barbados Sugar Industry 


80 100,000 tonnes 


are affected by movements in 
international currencies against 
the US Dollar to which the Bar- 
bados Dollar is tied. In 1982, far 
example, the industry earned an 
average BDS692 per tonnfe from 
sales to the EC, railing to BDS627 
per tonne in 1985 and jumping 
to BDS881 per tonne last year. 

But the industry has suffered, 
like others in the region, from a 
progressive reduction of impart 
quotas offered by the US. In 
1985, the island shipped 15.478 
tonnes to the U8. This fen to 
104170 tonnes last year, and this 


year’s sh ip m en ts will be about 
7,000 tonnes. 

This year’s quota reduction by 
the US was bitterly attac ke d by 
Barbadian Government officials, 
with one of the country’s diplo- 
mats describing the move as an 
attempt by Washington "to cut 
tiie jugular” of the island’s econ- 
omy. Government spokesmen 1 
that the sharp reaction 
anger with what was 
perceived as Washington's reneg- 
ing on earlier undertakings not 
to tamper with Barbados’ quota 
since this was already at the low- 


145 per cent higher 
that of 1985, yet 
BDS72m were only 9 cent 

The contraction of the mar ket 
has also led to some rethinking 
about the use of land for sugar 
cane. The area under canes is 
being reduced from 32,000 acres 
to 254)00 acres. Land use Is bring 
diversified, with more attention 
to crops which «*n tolerate the 
island’s uncertain rfinutp and its 
fragile sails. 

There is increasing a tte n tion 
to cotton, with the land planted 
being expended by 65 per cent to 
1,750 acres by next year. Produc- 
tion last year was 1254)90 kflos 
of lint which earned the island 
BDS2.7m. 

There are also efforts to 
expand production of several 
other crops, such as peanuts, 
onions, edible tubers and vegeta- 
bles, with the aim of achieving 
self-sufficiency and cutting the 
island’s food import bill which 
reached BDSl59.8m last year, 
BD$45m more than 1985. 

Livestock production Is 
expanding, especially poultry 
output which grew 1745 per cent 
last year, while milk production 
rose 84) per cent to 4.4m kilos. 
The increase in o utp ut of the 
non-sugar agricultural sector 


put under-used areas under live- 
stock through technologically 
advanced methods of irrigation. 
The drive to increase exports 
will be led by the Barbados Mar- 
keting Corporation, which is 
being set the task of doubling 
the island's agricultural exports 
within a year. Barbados earned 
BDI15-2m from non-sugar agri- 
cultural exports last year. 

One of -the name of the five 
year plan, one official of the 
ag ri culture ministry explained. Is 
to encourage more Barbadians to 
look seriously at farming, with 
the government providing the 
-incentives. One of these wUl be 
credit to farmers, most of which 
has gone in the past to sugar 
cane farmers. 

But Barbados’ size win limit 
the extent to which the pro- 
gramme will be successful. 
Twenty per cent of the land has 
either been taken up by build- 
ings or is unsuitable far any' 
form of agriculture, and another 
65 per cent is already under cul- 
tivation. 

Canute James 



Natwnof ^Bati/i 

We are the Bank that knows Barbados better - 
the financial climate, the investment 
opportunities, the people’s strengths, the 
country’s development needs. 

But that is not alL Our correspondent banking 
network spans the world's major financial 
centres; this, facilitates international 
transactions. 

And we have been involved in the arranging 
of syndicated loans for the financing of major 
development projects in Barbados and the 
Caribbean. 

Barbados National Bank will answer any 
Query you may have and provide the services 
you require. 

You can bank on BNB 

We know our country’s needs, and yours. 


Head Office 

James Street, Bridgetown, Barbados. 
Telephone: 809*42-75920 
Cable: NATBANK Barbados 
Telex: 2271 WB 



Barbados 
is well served by 
fast, modern modes of 
international 
communication. 

None faster than Barbados External 
Telecommunications systems of high speed 
information transfer. 

B.E.T. offers its customers a variety of 
reliable international telecommunications 
services using the latest in high speed 
technologies: 

Facsimile (FAX) 

High Speed Data Circuits 
International Database Access Service 
(Dial-pac and Higb-pac) 

International Direct Distance Dialling 
(IDDD) 

Public and Private Satellite Communications 

Remote Computing 

Telex 

Barbados External Tdecommunications is 
the key link to progress in Barbados. Call 
our Sales and Marketing Department. We 
will supply any . specific information you 
need. 



ltd. 


Planning Ahead to Koop Ahead. 


Member of the Cable & Wireks* Group. 
P.O. Box 32, Bridgetown, Barbados. WJ. 
Telephone (809) 427-5200 TdeX (392) 2262 
FAX(809> 427-5848 


Plantations 


Limited 


' E’9: Box 229. Lower Broad Street, 

-r^ B ^S§^ t ?X?A5^ t>ac,os ' West Indies 
Tel: (809) 4260950, Telex 2214 Plant WB 
Fax: (80) 436-9364 

Head Office: Lower Broad Street, Bridgetown 

WHOLLY-OWNED SUBSIDIARIES: 


AHoyno Arthur & 
Hunts Ltd. 


Ash A Watson 
(Barbados) Ltd. 
Foursquare Estates Ltd. 

General Traders Ltd. 

Plantations Trading 
Co. Ltd. 


Food and Drink 
Wholesalers; 

Rum Blenders and 
Distributors 
Building Contractors 

Sugar Cane and Food 
Crops. 

Food and Drink Retail 
Stores 

Hardware, Lumber and 
Builders' Merchants; 
Domestic and 
Home Appliance Retailers; 



Manufacturers 
lives 


ita- 


OTHER SUBSIDIARIES: 

Piantrae Property 
Company LM. 

Trident Insurance 
Co. Ltd. 


Property 

General insurance 


ASSOCIATED-COMPANIES: 

Courtesy Garage UL Motor Car and Commercial 

...... u Vehicle Dealers 

CaleU Food Prodoets Pasta Manufacturers 

(p DOS) Ltd. 

Plantrac Industries Ltd. 



Roberts Manufacturing ..Animal Feeds, 
Co. Ud. & Edible OH*' 


Sissons Paints 
(Barbados) Ltd. 


Paint Suppliers 








15 


.-' 4 fcUs* i \t ,_ a 4 


S.® SJ^Vfri 


“Financial Times Monday November 30 1987 


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v"^ 


BARBADOS 3 


Manufacturing output is slipping, reports Canute lames 

Painful exports decline 


Barbados 


THE INDUSTRIAL sector 
been hit by a series of setbacks 
which has affected the produc- 
. tlon of electronics and garments. 
Manufacturing output, which 
Increased 8 per cent last year 
after a 9 per cent decline In 1986, 
is again slipping. Between Janu- 
ary ana September, output was 
12 per cent below the first nine 
months of last year. 

Particularly painful has been 
the decline in export s of elec- 
tronic goods, mainly to the US. 
The Island has become a major 


Industrial production 


Index 1982-100 

. 150 


Bectronfc 

Components 


centra for electronic assembly 
with plants established by US 
companies and others, owned 


locally, producing under contract 
for the US market. 

Earnings from the exports, 
which range from components 
far defence systems to hearing 
aids, fell from USSlSlm in 1986 
to US$116 million last year, due 
mainly to the shutdown of a 
large plant operated by the Intel 

Corporation of California. 

Trie industrial sector and the 
island’s economy also suffered 
from reduced exports of gar- 
ments because of import restric- 
tions Imposed by neighbouring 
Trinidad and Tobago, a major 
market for Barbadian manufac- 
turers. The Trinidadian restric- 
tions woe intended to stem a 
drain on that country's foreign 
reserves, following reduced earn- 
ings from oIL . 

Mr Teddy Griffith, General 
Manager of the Central Bank,, 
said the decline in industrial out- 
put this year reflected the loss of 
Intel's output, and cutbacks by 
another large company. "How- 
ever, there was some increase in 
the output of processed food. 
Most industrial companies have 
been unable to replace lost 
regional marketB or to penetrate 
new markets outside the region. 
There are indications of a slight 
upturn in the garment sector as 
a result of improved local sales 
as the incentives in stamp duties 
have made extra regional 
imports less competitive.' 

We are not yet out of the 
woods," agreed Mr Rawie Chase, 
General Managar of the Barbados 
Industrial Development Corpora- 
tion. "We have expanded the gar- 
ment sector, although we lost a 


AH industries 


Garments 


1981 1982 1983 1984 1985 1988 1987 

Source:CentraI Barrie of Barbados (Jan-Jun) 


major factory at the end of last 
year. They were here for 13 
years and could not be replaced 
immediately." 

Intel's decision was the result 
of the "shakeout" in the electron- 
ics industry; and the subsector 
has not recovered. There has 
not been much new activity in 
electronics recently, " says Mr 
Chase, "except for one firm 
which is producing ndarequip- 
ment. Neither has this subsector 
yet managed to make up for the 
jobs which were lost. When Intel 
closed we lost 1,000 jobs." 

- The island has, however, 
become more aggressive in prom- 
oting itself as atocaftton for data 
processing operations. Following 
the establishment at a plant four 
yean ago by American Airlines, 
the Industrial Development Cor- 
poration says three new- compa- 
nies are to start operations soot, 
and that there is stfH an inten- 
sive drive fen- getting data pro- 


Canbbean data services, the 
American Airlines subsidiary 
which started as a US$3m ven- 
ture, is to employ 200 more 
workers over the next year, 
bringing its work force to about 
650: The company processes tick- 
eting data far American Airlines, 
and its operations were being 
widened to include transcribing 


and computerising taped medical 
data far several hospitals in the 
United States. The company -said 
that in locating on Barbados it 
had saved about m half of what it 
had cost when the data was pro- 
cessed at facilities in Oklahoma. 

It appears also that the gar- 
ni ent subsector is recovering. 
The protectionist measures 
implemented by Trinidad and 
Tobago were angrily condemned 
by Barbados and other members 
of the Caribbean economic com- 
munity. With the closure of sev- 
eral garment plants predicated 
on the Trinidadian market, gar- 
ment production fell 19 per cent 
in m and 20 per cent last veer. 

Mr Lain Vaswsni, head of the 
garment group of the Barbados 
Manufacturers Association, 
reported recently that local gar- 
ment sake in the first half at 
1987 were up by 15.9 per cent. 
"Once we have a trigger domestic 
base to cover our overhead costs, 
when we can more easily pene- 
trate export markets on a mar- 
ginal costing basis." 

The promise of 1 increased 
exports followed a decision by 
Trinidad and Tobago to ban 
imparts af all bot a few catego- 
ries cd garments from outside me 
Caribbean community, to 
remove barriers to imparts from 
its community partners. This 


coincided with a package of mear 
sure* implemented by the Barba- 
dian Government to stimulate 
local Industry. 

The measures include an 

increase In . stamp . duty on 
imparts from outside the Carib- 
bean community from 12 to 16 
per cot Imports from commu- 
nity members, which were sub- 
ject to stamp duty at 12 per cent, 
now attract duty of 10 per cent. 
A new private sector venture 
capital company is to buy shares 
in local companies, as part of an 
effort to improve a high debt-eq- 
uity ratio in the Island's indus- 
trial sector, while the Barbados 
development bank is to provide 
funds to finance the develop- 
meit of small businesses. 

This followed a reduction in 
personal and corporate tax rates 
which government officials said 
was Intended to stimulate pro- 
duction. 

Thane is now Increased activ- 
ity by small manufacturers In 
garments," says Mr Chase. This 
follows the measures taken by 
the government to r eser v e the 
t/val marirpt for garment manu- 
facturers. We are looking 
towar d fl ^l d^ Mrquali^g M m eivte 

are very real entrepreneurs, and 
this promises well for the 
future." 

But Mr Chase, and Mr A1 
Knight, President of the Manu- 
facturers Association, agree that 
the industrial sector is not yet 
out. of the woods. "Hie manufac- 
turing sector went through a bad 



hill but it still needs some help. 
Provisions in the recent budget 
have enabled the garment sector 
to see the light. Tfie Manufacture 
era Association has just discussed 
a five year plan, and we are try- 
ing to get some help from the 
government." 

Mr Knight said one of the 
mare encouraging recent devel- 
opments for the manufacturers 
was an indication that they and 
the government can work 
together. However, he —bi one 
major problem was the immedi- 
ate need for funds to refurbish 
plants. "The question Ik where 


Erskine Sandiford 


Federalist but a realist 


The Prime Minister of Barbados -row cote of the leaders in the 
has had a hard act to fdDow. Mr independence movements at the 
Erskine Sandiford took over the early 1960s and a household 
. - reins of .power following (be name in Barbados, died in office 
“ unexpected death in May oTMr -in 1986. Be -was succeeded by Mr 
~ Errol Barrow - a . popular, Bernard St John -who. tod thi 
people's »n»n and renowned Barbados Labour Party into 
statesman who led the to disastrous, elections in 1986, 



indepe n denc e in 1068. 

Mr Sandiford’s style 


when the Democratic Labour: 
Party , led by Mr Barrow was 


mirtwl contrast to the fiamboy- returned to power by a massive 
ant Mr Barrow who once majority after 10 yean on the 
referred to US President Ronald back-benches. 

Reagan as "the cowboy in the Although some controversy 
White Bouse", refused to live in has surrounded Mr Sandiford r s 
the official PM's residence and succession, two factors left little 
boycotted a new $5m Central doubt that he w ould take over 
Bank complex on the grounds from Mr Barrow. 


that it was a waste of taxpayers’ 
money. 

A teacher by profession, Mr 
Sandiford has provided the lively 
Barbadian press with few hean- 



The first was that he had 
worked closely to the late Prime 
Minister since he was first . 
appointed as his personal assis- 
tant in 1966. That he was being Mr S a ndHot d: r airlines 


thought to Caribbean integra- 
tion. I was educated in Jamaica 
and far the first time I was in 
clone touch with students com- 
ing together from all the, areas of 
the Caribbean. That, realty did 
something for opening my own 
vision of the Caribbean. The 
University of the West Indies 
itself was and. is an experiment 
in Caribbean integration.’ . 

But. he adds Tam also a real- 
ist: Although I am fully commit- 
ted to the Caribbean and the 
integration of the Caribbean I 
know that there have been many 
attempts at federation and au 
have stumbled. For the Carib- 
bean as a region I don't think 
that federation would work. We 
have to find other means of 
cementing the search for integra- 
tion." 

He has wasted no time in pur- 


will we get the money? Perhaps 
from the private sector itself but 
manufacturers do not have the 
capital. It will come, perhaps, 
through joint ventures." 

Ventures in heavier industry 
have had mixed fortunes. A 
cement plant, owned by the Bar- 
bados and Trinidad govern- 
ments, has been described as a 
bed investment by & governm en t 
minister. New partners are being 
sought and Colombia and Vene- 
zuela are frequently mentioned. 

Crude ofl output was reduced 
last year by 18 per cent to 
558^70 barrels when it became 
cheaper to import rather than 
drill. Local output meets about 
half of national demand. 

The Barbadian industrial sec- 
tor has also suffered from eco- 
nomic polities implemented by 
several of its neighbours. Cur- 
rency devaluations in Jamaica, 
Trinidad and Tobago ami Guy- 
ana have made Barbadian prod- 
ucts more expensive on these 
markets, but the devaluations 
have also given these countries a 
competitive edge over Barbados 
in attracting new investments in 
industry. 

The devaluations in Trinidad, 
Guyana and have made 

it difficult lor us to compete," 
agreed Mr Knight. 

Mr Chase said Barbados has 


been pot In the position of a 
high cost producer, when com- 
pared. with some of its neigh- 
bours. "Investors looking to do 
long-term business will turn to 
us, and we compensate by hold- 
ing costs and increasing produc- 
tivity," he expiates. If there are 
mobile companies looking for 
low wages and quick turn- 
around, they win find our neigh- 
bours more attractive. We are 
not an assembly-type society and 
we do not want to go back to , 
that 83 the wages which are paid 
in Barbados cannot afford that." 

There is, however, optimism 
that the island will be able to 
make use of an improved indus- 
trial diiMO, particularly in 
recovering what it has lost in the 
electronics subsector, and over- 
coming early problems which 
have bedevilled attempts to 
break into new arses. In one of 
these, an attempt to develop an 
export market for furniture, 
through the establishment of a 
co-operative, ran into problems 
with delivery schedules after a 
buyer was found In the US. 


"Despite all this, there is signif- 
icant demand for space from 
email manufacturers involved In 
food processing, ^nnents. and 
data processing/ Mr Chase 
reports. "We feel more confident 
than we did a year ago." 


Henry Forde 

An eye 
on the 
future 


THE BARBADOS Labour Party 
could have sunk into political 
Oblivion after last year's elec- 
tions which saw its previous 
majority massacred and only 
three of its members returned to 
parliament. Even the former 
Prime Minister Bernard St John 
failed to keep his seat in the 
most devastating poll defeat ever 
suffered by a Barbadan party. 

The man chosen to lead the 
BLP, and who has single-handed 
kept it on the political map, is 
Mr Henry Forde. The 54-year-old 
lawyer had his political baptism 
by fire in the heady 1900s as 
attempts at Caribbean federation 
collapsed and the groundwork 
was laid for independence. Mr 
Forde headed a group called the 
under-40s which was preoccu- 
pied by the dominant political 
question of the time - whether 
Barbados should go into indepen- 
dence alone or in a federation 
with other Eastern Caribbean 
states. 

It was not until 1971 that Mr 
Forde joined forces with the Bar- 
bados Labour Party. He has been 
returned to parliament with a 
comfortable majority at every 
election since. On the strength of 
a Barbados Scholarship. Mr 
Forde entered Christ's College, 
Cambridge in 1952 and was 
called to the Bar at the Middle 
Temple, London, in 1959. 

Before returning to Barbados 
in 1959 he became supervisor 
and tutor in International Law at 
Emmanuel College. This fol- 
lowed a stint as research assis- 
tant in the department of crimi- 
nology and a research student in 
International Law. 

Between 1977 and 1981 he 
served as the island’s Attorney 
General. Some legal experts 
argue that during his tenure he 
oversaw one of the great legisla- 
tive reform periods in the 
island's poet-independence his- 
tory. Laws were introduced giv- 
ing women equal status, a new 
Companies Act and the Tenant- 
ries Freehold Purchasing Act 
which sought to offer more pro- 
tection to poorer sections of the 
community. 

Mr Forde is undaunted by the 
task facing him. He maintains a 
running and lively commentary 
on the political and economic 
record or Prime Minister Sandi- 
ford’s Government. 




Mr Forde: undaunted 


His attacks on Government 
policy - widely quoted on 
national television and in the 
two local daily papers - have 
kept him in the public eye and 
the Government on its toes. 
Commenting recently on what 
. he sees as the Government's 
disastrous economic policies, he 
was moved to say: "I would 
believe that the country at this 
stage would wish the economy 
was in the hands of the opposi- 
tion, despite the fact that we are 
only three." 

At the party's 49th annual con- 
ference this month, Mr Forde 
launched his strongest attack cm 
the Governments economic 
track-record. "The Immediate 
future for Barbados holds forth 
the promise of more taxes, more 
unemployment, higher prices, 
more debts and possible devalua- 
tion," he said. 

He added that “this dismal sit- 
uation* was made all the more 
intolerable by the Government’s 
inability to ‘institute short-term 
management policies to correct 
the drift in the country's eco- 
nomic affairs". 

Mr Forde was almost as hard 
on his own party as he was cm 
the Government. He endorsed 
the findings of a committee set 
up to review the party’s dismal 
performance in last year's elec- 
tions which warned that "parlia- 
mentarians should never tell to 
listen and to heed the complaints 
and criticisms of their support- 
ers". 

‘Preoccupied as some parlia- 
mentarians were with the exi- 
gencies of office, they lost sight 
of the need to keep the party 
strong and to keep dose to the 
grassroots," Mr Forde said. 

He has started the process of 
whipping all party members into 
line and into action. He is obvi- 
ously a man with an eye an the 
future. On his own, he has had 
this to say: "When one is leader 
of the opposition, one must pre- 
pare far being leader of the Gov- 
ernment.' 

CaroOfM Southey 


when . Mr Sandiford seta great store fi£rttyaK£ 

rSSSTSSSh Ws yean of close association bScSning S55 MteSter, he 
quartos bot, has fronted. oft- his .tetih , , Mr Bmtow noted: with & Barrow. 1 worked very JjSlrfhS Carteom nartWs to 


quartern bot has frustrated oth- 
ers. "Bajans have been spoilt by 
strong leaders like Barrow and 
Tom Adams and we are taking 
time getting used to men who do 
not have the same presence," a 
political commentator said. 

Mr Tom Adams, like Mr Bar- 


■ a|k M u n„_J_ nkC WAfaU. OU DOIIUW. 8 wu iAru 

dnsety in the political field 
bp and then any number amid rtjrii&fl PrfmiTuinist»r in 


urged his Carlcom partners to 
give serious consideration to the 


hp^nd wen any number could wSe'ltoteta whS SriS^fT^S^P^ 

T?ie second was that the H2J*SAS erf^mment and 


then became Juls Minister 


it lean avenue worth exploring 


GROWTH AND STABILITY 


.cation. In that rayW . vty I worked «frnr» contact between countries 
■ for eight MBodSni slso as is limited preset to seri£^ 
Minister of Health. For 20 years, itkrians. 


& 



Minister of Health. For 20 yesra. 
from the time of independence: I 
was associated with him in poHfa 
leal life.” - 

Bean fa rural Barbados hi 1987, 
Mr Sarafiford e xcel led at school 
and through a series of schdtar- 


itiriana. - 

..The . . . present pragmatic 
appro ach method of functional, 
co-operation is the most propi- 
tious at this time. An assembly 
of parliamentarians would allow 
repre sen tatives of the people to 


ships entered the University Coi- associated with the movonent 
lege of the West Indies, forerun- and to understand thelrantty 
nerto the University of the West esoteric arrangement among 
Indies. He later took his Master's aenior bureaucrats." 
in economics and social studies The second greatest passion in 
at Manch es te r Univerait y where Mr Sandifard’f^te education, 
he wrote a thesis cm the interre- W the hi gh™* lftgn Ky 

lationship of the Caribbean rate of all the Caribbean 
st a tes . and has a proud rec o rd of 

The integration of Caribbean 

states has remained a focus of «r believe in the esnadtv of 
Mr Sandiford’s political life, education and trateii^SX? 
Despate the dismal, fa£ure at jng the destiny of a country. I 
efforts to unite the Islands poHtU am net talking only shout a cur- 
caBy (the Federation of the West xiculum in a school but the' 
Indies collapsed in 1961 after the impact a faraQy has, what hap- 
withdrawal of Jamaica and lost pens in the w o r kp lace and how 
all momentum after indepen- wor k ers develop t frgh- awia ami 
dence was gained by the islands the -interaction that 


life of barbodos 

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Head Office, plantations BmUfin*. Low Broad Sc, 
Barbados; with offices in Trinidad A Tobago, 

SL Lucia. Jamaica, Bahamas, Su Vincent, Grenada, 
i^nrtgiig md Dominica. 


WUR 

Exempt Insurance 
Company 

WillFIourish 
In The Better 

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Of Barbados 


and a continual to si 
economic integration 
ford says he remains 
at heart”. 


_ the sixties) at community through sport and 
toeing battle at culture. All of that, broadly, I 
ttipn, Mr Saudi- can the educative process, 
tins "a fe d e r alist *i know that education has 
... done a lot for ns and I seek at 


E GODDARD ENTERPRISES LIMITED SHfa 

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with bussiass mtsrsst* hr this me 

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"I have given considerable every opportunity possible to 

' give something back. I believe 

N that one of the things that has 
. . ^ been going very much for this 

"PC I lUITCn country is the investment it has. 

ICS LlfVtl I CLf . made fit education. All Barbadi- 

ans have access to education and. 
this means an educated work- 
ANT1CIJ A, JAMAICA, ' to™ ^ is trainable." 

- Mr Sandiford has moved 

swiftly to consolidate Umself in- 
d irnrrtrnr power to lead Barbados through 

to the end of one of its most 

• Lumber and bufldbig wippHsa difficult decades this century. 

• Ship’s chandlery Not all his moves this fat have 

• De p artment stores been popular, and it is dear he 

• Tourist shops • - wfll have to take same unpopu- 

• Shipping lax decisions to shore up a 

• Aktondtio ni nq . depressed economy. But he 

• Auto parts and accessories remains quietly confident. 

,« Refrigeration . He Is conscious of the pres* 

- sura he Is under, puttoahuly 

i LIMITED wXSK ffSS 

w , easy to follow such a leader,’ he 

says. "But life goes on and we 
2278 GODDARD WB COR Only tekfi Sfrength from the 


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privilege of having worked with 

Dim." CaraUiM Sonthiy i 





16 


Financial Times Monday November 30 1987 


( BARBADOS 4 ) 


Canute lames on Barbados* major foreign currency earner 

Push for Europe’s tourists 


WHEN LORD NELSON sailed 
into Barbados in -June 1806, he 
neither came as a tourist nor 
i nten ded to stay long. He is, in a 
form, still there, represented by 
Sir Richard Westmacott's bronze 
statue which dominates Trafal- 
gar Square, Bridgetown. 

Today's tourists hardly con- 
template staying that long - an 
average of 62 days, say tourism 
officials - and, unlike Nelson, 
they prefer the island's many 
beaches to Bridgetown's central 
business district 

But those who follow in Nel- 
son's footsteps are contributing 
to an industry which is now a 
major foreign currency earner 
for Barbados. Although most 
tourists come from the uS, it is 
Britain, and other parts of 
Europe, which hold the greatest 
promise far expansion. 

‘Our tourism is benefiting 
from the economic situation In 
Europe,* said Mr Anthony 
Arthur, Deputy Director of Tour- 
ism. "we are getting increasingly 
competitive in the UK and West 
Germany, and since June we 
have been registering clear 
growth in these markets/ 

Because of the falling value of 
the US dollar - to which the Bar- 
badian dollar is tied ^ against 
European currencies. 


Tourism 



1980 82 84 86 

SourceszContral Bank, 



visitors are finding Be 
good bargain. While the US 
accounted last year for 45 per 
cent of the 369,700 tourists who 
visited Barbados last year, the 
UK market grew by 22.6 per cent 
over the 39,000 visitors or 1985. 

“We have done several things 
to increase our share of the 
European market.' Mr Arthur 
explained. In the UK we negoti- 
ated special charter packages 
from Manchester - which we 
have not had since the 
of Laker Airways - and this 
increased our catchment area in 
the Midlands. We expect to have 
a 20 per cent increase each 
month in our tourist traffic from, 
the UK* 

Last year's total stayover arriv- 
als were three per cent higher 
than 1985. The target far this 
year is 380,000, and the industry 
appears on the way to achieving 
this since in the first six months 
of the year the volume of arriv- 
als was 7.3 per cent higher than 
the corresponding period of last 
year. Tourism administrators say 
they are aiming for 400,000 visi- 
tors In 1988. 

The fickleness of the industry, 
however, leaves it open to influ- 
ences which cannot be con- 
trolled by those who run It in 
Barbados. Barbadian tourism 
was able to handle problems 
expected after October 1983 


through adverse publicity as 
hoteliers feared, the industry 
recorded an increase in visitor 
arrivals the following year. 

Now hoteliers are worried 
about another factor which 
could harm the growth targets. 
The recent turmoil on the inter- 
national stock exchanges could 
lead to cancellation of reserva- 
tions, and affect the peak winter 
season trade. Tn times of finan- 
cial uncertainly, the first thing 
that is cut from the household 
budget is the holiday overseas,' 
suggested one hotelier. 

But the island has also bene- 
fited from recent international 
developments which have 
affected the patterns of interna- 
tional holiday travel. Like most 
of its Caribbean neighbours, Bar- 
bados gained last year from the 
reluctance of Americana and 
Canadians to travel to Europe 
because of what was perceived 
as escalating international ter- 
rorism. 

But Barbados, using its natural 
climatic resources as a base, has 
been able justifiably to promote 
itself as an island with a long 
record of political stability 
(unlike some competing neigh- 
bours such as Jamaica and the 
Dominican Republic) an impor- 
tant factor which influences 
travel agents' decisions in recom- 
mending holidays far clients. 

While most holidaymakers 
visit Barbados for the sun and 
the sea, the industry has been 
trying to diversify attractions to 
cater for special interests as part 
of an effort to broaden its mar- 
ket base. The Industry lays great 


store by sporting events Includ- 
ing cricket, hockey and wind- 
* surfing. Mr Arthur says the 

Projections island is regarded as being in the 
^ worl d’s top three locations for 
windsurfing. 

An international jazz festival, 
which has brought in many visi- 
tors from the uS, is likely to 
became an annual affair, while 
the local 'Crop Over festival hi 
midsummer is an attraction Sac 
Barbadians living overseas. 

The industry, however, has 
frequently suffered from a short- 
age of airline seat capacity from 
major markets. The shutdown 
earlier this year of the state- 
owned Caribbean Airways 
reduced access for tou r ists trav- 
elling from Europe - a problem 
which was not immediately 
solved because of a protracted 
row over route rights between 
BW1A of Trinidad and Tobago 
and the Barbadian government, 
on the one hand, and British Air- 
ways and the British govern- 
ment, an the other. 

The recent agreements with 
charter companies out of the 
British Midlands, and others 
being negotiated to ferry visitors 
from Milan, Bonn and other 
cities in continental Europe, win 
improve the quantity of airline 
seats onto the island. 

The Canadian market suffered 
similar problems with the col- 
lapse of a major tour operator 
five years ago, leading to a 
decline in the volume of Cana- 
dian arrivals. A new agreement 
with a Canadian charter com- 
pany has made the island more 
accessible, leading the industry’s 
administrators to forecast an 
improvement on last year’s 15 
per cent fall in arrivals from 
Canada, in tin hope of surpass- 
ing soon the 92,000 of 1979. 

A holiday in Barbados has 
been, at times, considered to be 
expensive when compared with 
the island’s neighbours. Now, 
however, the hotel industry is 
claiming improved competitive- 
ness, aided by a government 
decision to reduce taxes paid by 
hoteliers, and cutting utility 
rates and taxes an food and bev- 
erages imported for hotels. 

The avenge room rate in May 
1986 was BD$118, rising to 
BDS121 in May 1987 and there 
have since been further 
Increases in revenue due to 
higher occupancies. Occupancy 
levels In August, for example, 
were 11 per cent higher than in 
August 1988. Hoteliers say the 
higher occupancies are being 
achieved without any cutbacks 
in room rates, reflecting 
increased profitability for the 
Island's resort properties. Payroll 


costs per occupied room have 
fallen from BDS73 In July last 
to BDS62 in July this year, 
was also a fall in average 
carts, .while the a 
of stay moved 
days to &2 days. 

But Barbad o s, like the rest of 
the Caribbean, records compara- 
tively low earnings from hotel 
rooms while operating costs are. 
still high. According to a recent 
survey by the Caribbean tourism 
research and development cen- 
tre, based in Barbados, total rev- 
enue per available room was 
approximately US$40,000 per 
year for Caribbean hotels, com- 
pared with US$35,000 in the 
Pacific and US$29,000 world- 
wide. 

"Income before fixed charges 
was only US$6,600 per available 
room in the Caribbean, com- 
pared with US$11,000 in the 
Pacific and US$8,000 world- 
wide,* the Centre said. 

This is primarily due to 
higher operating ana undistri- 
buted expen se s in the Caribbean 
hotels.” Departmental payroll 
and related expenses per avail- 
able room in Caribbean hotels 
are 37 per cent higher than the 
worldwide avenge and 42 per 
cent higher than in the Pariflcx. 
Average coats per available room' 
for food and beverage in the 
Caribbean are 40 percent higher 
than the average for the world, 
the Centre explained. 

The rate of growth in the vol- 
ume of st ay ov e r visitors to Bar- 
bados » bang exceeded by the 
expansion in the island's cruise 
ship business. The island is being 
marketed heavily in the US 
headquarters of major cruise 
shipping lines, and this has been 
an expansion of local 
port facilities, with plans far spe- 
cial shopping and recreational 
areas. 

The volume of cruise ship visi- 
tors last year was 30 per cent 
higher than the laaona of 1985 - 
which was 23 per cent more than 
1984. In January to August 1987 
cruise visitors totalled 
174,253-72,653 more than the 
last 
the 

year a total or 429 
crulseships will have called at 
the island, against 292 last year. 
Bookings for 1988 are already 
showing 357 ships will mil. 

There Is adequate hotel capac- 
ity to handle the expected 
growth In the industry, accord- 
ing to hoteliers ana tourism 
administrators. The island's cur- 
rent hotel capacity Is 7,000 
rooms, with 14,(500 beds. 


corresponding period of 1 
year, ft is expected that by 
end of the year a total of 


ort 


Cricket still 
king despite 

diversification 


WHEN BARBADOS became Inde- 
pendent In 1966, it chose as one 
.of the events to mark the occa- 
sion a cricket match against the 
rest of the world, no less. 

The challenge may have been 
arrogant and Barbados suffered 
for its bravado with a heavy 
defeat. Yet it seemed the per- 
fectly natural thing to do, not 
simply because the Barbados 
team at the time, was strong 
enough to hold its own in any 
company (of the 17 members of 
the West Indies team which 
toured England in 1966, nine 
were Barbadian) but, more rele- 
vantly, because cricket has had a 
major influence on Barbadian 


is the one activity that, 
from its earliest days, fostered a 
mutual respect ana understand- 
ing between the different races 
ana all of whom played 

and followed it with a passion. 
As the one field of endeavour for 
which Barbadians have been 
internationally renowned, 
cricket has generated that 
intense feeling of pride from 
which came the 1966 challenge 
to the world. 

The list of Illustrious Barba- 
dian cricketers is long and varied 
and spans many eras. Since the 
played Demerara, in the 
first major match ever played In 
the Caribbean In 1865, 
has produced cricketers of the 
highest calibre - and they have 
come from all sections of the 
community, black, brown and 
hite, rich and poor. 

Barbados has wan the regional 
Shell Shield competition more' 
than all the other five teams put 
together and has defeated a host 
of touring teams. Cricket contin- 
ues to be the king of sport but its 
power is no longer as pervasive 
as it once was. There has been 
an enormous sporting diversifi- 
cation since Independence and. 


while Barbados can still boast 
several of the 
era of the day and can 
England (as it did In 1966) the 
attention of Barbadian sports- 
men is no longer occupied by 
cricket alone. 

As recently as 30 years ago, the 
sporting calendar at the schools 
was divided into three distinct 
seasons - cricket, soccer and 
trade and field. Now the young 
Barbadian, can, and is, turning to 
hockey, basketball, volleyball, 
surfing and squash. Tennis and 
golf, previously the pres e rve of 
the social elite, now are attract-, 
lng those who would have previ- 
ously concentrated on cricket 

Cricket does remain the only 
sport at which Barbados can 
realistically compete at interna- 
tional level ana the only one 
that offers professional opportu- 
nities - a strong incentive. Those 
at. the top now do well out of it 
with teams in England, Hafiand, 
Australia and, controversially. 
South Africa forking out good 
money for good players. 

The inland ^ too small to sup- 
port such professionalism but an 
average oTtwo dozen Barbadians 
now earn their living from the 
game overseas. Whether they are 
paid in sterling, Australian dol- 
lars, Guilders or Kruggerands, 
their earnings are welcome for- 
eign exchange when rep a t ria ted. 





And it is the potential off sport 
a foreign exchange earner in a 
different direction that has been 
appreciated and exploited in the 
part decade. 

The development happened as 
a matter or course, with its 
cricketing r eputation and settled 
-round weather, Barbados 
_ _ chib teams from 

England an playing-holidays in 
the early 1970s. The idea of 
enjoying a* vacation away from 
the English winter while, at the 
same time, playing against West 


Culture 


Arts come 
of age 


Some islands offer 
them everything 
and give them a 

beach. 


BEFORE INDEPENDENCE, the 
arts had been largely neglected. 
Barhadians were seen by their 
neighbours as staid and cultar- 
afiy dead. They might have been 
hardware- 


event to mark the end of the 
sugar harvest, Crop Over’s asso- 
ciation with sugar is now tenu- 
ous. Some of the trapp in g still 
remain with the -ceremonial 
delivery of the last canes and the 


ing and could play cricket, but crowning of champion cane-cut- 
that was about aU. There was ten but it is now staged In 
only one serious theatre group in August, long after the official 
1966, the Green Room Flayers, end! of the sugar crop, but at an 


MILES OF BEACHES • HORSE RACING - CRICKET • FABULOUS RESTAURANTS • GOLF • BOUTIQUES 
JAZZ CLUBS - BANKS BEER • WINDMILLS • COLLECTABLE CRAFTS • NIGHTCLUBS • GUEST HOUSES 
INTERNATIONAL HOTELS - POP STARS • COUNTRY CLUBS • STEEL ORCHESTRA • THEATRE • POLO 
SAILING - BEAUTIFUL PEOPLE • NELSON'S MONUMENT • 350 YEARS OF HISTORY - ENGLISH PUBS 
BOAT TRIPS • BUDGET HOTELS - 12 KINDS OF RUM - BAJAN CUISINE • NO DANGEROUS ANIMALS 
DUTY-FREE SHOPPING • ■ ■ DISCOS • PLANTATION HOUSES 

LAID BACK CARIBBEAN • I NO VISAS - SUNSHINE 

CONFERENCE CENTRES - Iff |W COUNTRY MARKETS 

CORAL REEFS -CINEMAS MJFmMM TENNIS • BEACH BARS 

is a little bit more. 

SCUBA DIVING • FRENCH CUISINE - YACHT CHARTER • EXHILARATING ATLANTIC • SAFE BEACHES 
SELF-CATERING APARTMENTS - SUPERMARKETS ■ SURFING • FRIENDLY PEOPLE • ITALIAN CUISINE 
FRIENDLY PEOPLE • NATIONAL TRUST PARKS • MINI MOKES - WINDSURFING CHAMPIONSHIPS 
DEEP SEA FISHING -DIRECT DESTINATION-FIRST STOP BARBADOS-. DOMINO CHAMPIONSHIPS 
1200 MILES OF PAVED HIGHWAY - INTERNATIONAL BRIDGE MARATHONS • COOLING BREEZES 
RELIABLE PUBLIC TRANSPORT • DRIVING ON OUR SIDE OF THE ROAD • SEAFOOD RESTAURANTS 
PIRATE CRUISES * WORLDWIDE TELECOMMUN 1CATION ■ MILLIONAIRES • FUN - FRIENDLY PEOPLE 
MILES OF BEACHES - SOLD BY OVER 40 TOUR OPERATORS IN THE UK-SERVICED BY2 AIRLINES 
BRITISH AIRWAYS * BRITISH WEST INDIAN AIRWAYS 


RARBADCK 

Contact your local ABTA agent or Barbados Board of Tourism 
263 Tottenham Court Road London W1P 9AA 
Tel: 01-636 9448 Telex: 946240 Prestel: 344187 



who reached only limited audi- 
ences. What dance there was, 
was mainly classical ballet and 


time for the tourist 


It has become a 


typical 
! of cos 


cam!- 


confined to the upper classes, as val, with its parade of costumed 
An attempt to bands, its revelry and, like Trial- 
's carnival in the dad, its calypso shows and com- 
_ 1960s fell flat and Barba- petitions. Through Crap Over, 
dlan calypso was an object of cajypao has become as much a 
ridicule on the other islands. part of Barbadian Bfe as it is in 
Barbadian 'culture* was then Trinidad, providing social com- 
mainly exemplified by the tuk- merit, much of it biting, on the 


band, a group comprising penny issues of the day. 
backed by kettle and 


whistle 

bass drum, which toured villages 


Just as 


so too 




the 


fuelled 
of 


in fancy dress on public holidays Carifesta (the Caribbean 

for money or drink 'and food, of Creative Arts) in Barbados In 
and the Landship Movement, an 1981 sensitise rf arurfl. theatre and 
island- wide co-operative run as a art. Held once every four years 
naval operation, com p l et e with an a rotating basis throughout 
of uniforms and ranks, the region, Carifesta brought a 
was that native cul- new and exdting awareness to 
ture was officially discouraged Barbadians who had been 



and folk music were about as ‘of Creative Arm, which coincides 
much as survived, as they still annually with independence, 
da The spirit of Independence was given new impetus, 
itself was a catalyst for the The National- Cultural FVxmdar 
renaissance. tion, a direct result of Carifesta, 

The Merzymen, a group of was established by the gpvern- 
white Barbadians, made folk xnent in 1984 "to wHw q ilf rt y and 
music widely popular in the facilitate the development of cul- 
eariy 1960s and 1970s, becoming ture generally, to organise cul- 
intemationally known for their tural festivals and to do any- 
distinctive srele. Several dance thing necessary or desirable to 
groups, with heavy emphasis on i assist persons interested In 

African-inspired rhythms, were 1 

started. Yaruba Yard, a cultural 
foundation, was established to 
activate interest in Barbados’ 

African heritage. Community- 
based theatre groups and play- 
wrights, developed. 

Suddenly Barbadian artistes 


cultural expressions.” 
had to be provided to 
keep pace with such develop- 
ments. Queen’s House, the resi- 
dence of the British commander 
in Barbados at the turn at the 
century, has been refurbished to 
include a small, modem theatre 
emerged with new-found confi- and an expansive art gallery. An 
dence, the growth of the tourist impressive new entertainment 
industry offering them financial halL named in honour of one of 
opportunities at nightly shows at i Barbados’ foremost folklorists 
hotels and nightclubs and at art and poets, the late Frank Colly- 
shows. The Rastafarian move- more. Is included in the central 
ment, frowned on by a strongly bank building and is constantly 
conservative society when ft in demand, 
moved south from Jamaica In A national art gallery has been 
the 1970s, has produced a great established and a national art 
group of talented young crafts- collection is soon to be started, 
men, mainly in leather. Theatre arts, music and dance 

The artistic revival has had a have been added to the cuxricu- 
succession of positive stimulae tn him at the Community College 
recent years. None has been and the Prime Minuter, fir 
more spectacularly successful Erakine Sandiford, has rece ntly 
than the reintroduction and announced that a new aria cam- 
development of "Crop Over* Into ptax is to be built, 
an annual national festival, 

much along the lines of Triid- 

dad's carnival Ori ginally an CtQMr 



%Kugut ( $iu& 


TeL- 01 240 9941 or 
098 422 2372 


A member of 
Relais 
et 

Chateaux 

and 


Hotels 


Indian o pp os i tion in exotic con- 
ditions, proved a winner and, as 

fiSng^^^themaS^toorgan- 
fse such groups. 

Cricket, as was only right and 
proper, led the way. Other 
sports, such as hockey, surfing 
(both wave and wind), rugby 
and tennis have followed suit 
Cricket remains the most popu- 
lar with up to 30 teams, varying 
in strength from full county to 
ordinary village, tonring annu- 
ally, mostly in the slow tourism 
months of October and Novem- 
ber. 

Cricket and other sports have 
arranged special festivals to 
exploit further the market and 
two farmer England fast bowlers 
run thdr own travel companies. 
The local men's and women's 
associations have organised a 
festival of their own m the last 
■week, in August over the post 
two years and the second, with 
over 30 teams from Bure 
North America, Canada and 
Ca r i b bea n and 600 oversea s 
era, wss the biggest single 
hockey event staged anywhere 
in the western hemisphere. 

Another new entry to the 
sports-tourism calendar is the 
Atlantic Race for Cruisers (Arc), 
initiated last year from Tenerife 
to Bridgetown with over 200 
yachts of several nationalities, 
sizes and crews, from profession- 
als to those whose previous expe- 
rience extended no further than 
the nearby lake. Hie 1987 race 
starts in the first week of Decem- 
ber and nearly 300 yachts are 
expected to converge on Bridge- 


town Harbour at the end of It, 
staying for anything from a 
week to a few months. 

Also In December, the Run 
Barbados events, one over 10 kil- 
ometres the other the full mara- 
thon, has become one of the big- 
gest of its kind in the region 
with more than 500 competitors 
from overseas, from Olympic 
standard to casual Joggers, 
expected at this year’s. 

Government may have been 
somewhat late In spotting the 
potential of the sport-tourism 
market but is now making up for 
lost tune. Barbados’ most Illustri- 
ous sporting son, the cricket 
Sir Garfield Sobers, was 
raght back from Australia, 
where he was resident as a 
coach, and assigned to be sports 
consultant to the board of tour- 
ism. Another cricketing legend 
of the 1960s, the fast bowler Wes 
Hall, elected to the House of 
Assembly In the Democratic 
Labour Party (DLP) landslide 
victory in the 198o elections, 
now holds file tourism and sport 
portfolio in cabinet. 

His job is not so much gather- 
ing in more visiting sportsmen as 
providing facilities for them and 
for loca 


local 
cricket, in 


sportsmen. Even 
“ of Its immense 


popularity. Is short of proper 
grounds. There is no Olympic- 


sport, 

stadium and a concrete surface, 
hockey has no artificial surface, 
obligatory for international 
matches, and has to share cricket 
grounds. Tony COZfOT 


The Caribbean Solution... 



Gateway to the. Caribbean from EuAope and 
the Ofulent Omqjl Miami, and New Yank. 

\ Ts ^ 1 1 

* Plus WoAtdwide CkaAteAA * 



MIAMI 

eras n.w. ism sl, tua% 2iu 

Miami Fla. 33152 
Tel: (309) S71 - 2680 to 2684 
or raOS) 871 - 2186 t.O 2188 


Caribbean Air Cargo Company Ltd. 

Twaabial 2. Qartley Adams MsmaOoml Abport. B wrtvyjHye WJL 
Telephone . (808) 428-4180 



UOiDOS EXPORT 
PROMOTION CORPORATION 

Executive Director. Trade Repreeentstlu. 


Executive Director, 

Mbten Isutsaii ■ *_f — — ■- 

rwmGMi * iMMf tf—r rwu 
St wa re eel, Barbados, wj. 
Tel 009)427-6752/4276755. 

. T«l«x 392-2488. 
Carte BAHEP A. Beibsdoe. 


Trade Representative, 

800 Second Avenue, 
Jfa*Yoik.N.V. 10017, 

Tel! (212) 867-8420. 

Tetoc 141036 BAHEXPCU 






It’ll never catch on in Scandinavia. 
(Not enough wide open spaces.) 



- 




THK 

%KBAD£ 
1)1 Mis#; 
'HI - - " 


w v" 


hf-v'" 




Ibws- • 





We Scandinavians are devotees of fresh air 
and wide open spaces. They’re our birthright, 
after all. 

That’s Why the scrum has never caught on. 

It’s notoriously shorfion both. 

We live our lives with room to spare. 

So, as a non-rugby-playing nation, it follows 
that we’re loathe to travel in packs. 

They’d cramp our style. . 

Sit back and relax on an SAS flight and you’ll 


see what we mean. 

Observe the generous welcome we extend 
to your knees and legs. (Extend is the opera- 
tive word.) 

When we set about transforming the SAS 
business service, back in the early eighties, 
giving you more space was an absolute prior- 
ity. 

And we didn’t want to charge you extra for 
it, either. You can fly EuroClass or First Busi- 


ness Class to anywhere in the world for the 
normal economy fare -with no surcharges. 

If you’ve never experienced the joys of 
wide open spaces, we can only suggest you 
give SAS a try* We’re sure you’ll be converted. 


m 



The Businessman's Airline 


n * 


* 

r r , 


Wfe send smiles toB5 cxiuntries. 

From the top of the world to way down under. 

You can send a beautiful gift of flowers 
just about anywhere for any occasion. 

Look for the Merany man logo. 




*1Unirii(fl«><lnbc. 



Financial Times Monday November 30 1987 

CONSTRUCTION CONTRACTS [ 



Apartment block at 
Portsmouth marina 


JOHN LMNA CONSTRUC- 
TION, Winchester, has been 
awarded ' A £13cn jc (attra ct' tv a 

development ki Portsmouth by 


M a rin a. The Pent Solent Apert- 
jments will consist of two finked 
MveR-storey blocks, doe ft»r com- 
pletion In May 1989. The main 




tion with Arlington Securities. 
Work has started,' and- involves 
construction of. 187 apartments 
adjacent to die new Post Solent 


ffSE?a&5 


foundations, a reinforced con- 
1 re with brick 

together with 

some curtain waiting and win- 
dows. 


Ji ■' " 'i' 'i 


Viaduct face-lift 


XJABVlSfcSONS^cxiimiugdty 
programme .division has started 
work on a £3m face-lift scheme 
Tor the Stockport Railway Via- 
duct: It win take two yean to 
complete, and to provide work 
for 700 people from the 
long-term unemployment regis- 
ter. Called the Stockport Viaduct 
Venture, the work has been 


made possible by a £2. 2 m grant 
from a partnership of Hie Man- 
power Services Commission. 
British Rail, Stockport MBC ana 
the Railway Heritage Trust. The 
half-mile long viaduct with its 27 
arches over 120ft high fa said to 
be Europe’s largest brick- built 
structure and a masterpiece of 
19th century engineering. 


Bloomsbury offices 


MYTON has' been awarded a 
S3^m construction and refur- 
bishment contract at Elm House, 
London, ah . office block previ- 
ously occupied by Thomson 
International Publishing, on 
behalf of the new Swedish own- 
ers Cltadellet through Central 
London Securities. 

Myron, a construction and spe- 
dmt'iwarbMuMBt company in. 
the Taylor Woodrow Group, will 
undertake this fast-track project 
in only 30 working weeks, with 
completion due in May. Elm 
House, Bloomsbury, an office 
block completed in the 1960s, 
will be given a new bee and 


needs of the 1980*. 

Externally the buildihg .will 
take on' a fresh appearance with 
the use of a new specialist 

prating flnfahal metal 

the replacement of windows 
with double-glazed units, and at 
ground floor level, the recon- 
struction of the entrance facade. 
Internally the building is being 
stripped out and refurbished. 
This work will Include replace- 
ment of all services in particular 
prevision of air-conditioning, 
new toilets, raised access deck 
flooring, and finishes through- 
out. - 


Mercedes complex in Muscat 


WIMPEY ALAWI, the Oman 
subsidiary of George Wimpey, 
has been awarded a £6m con- 
tract by the Zawawl Trading 
Company in the Sultanate of 
Oman. The 13-month contract, 
which starts this month, is -for 
the redevelopment and exten- 
sion of the Mercedes work- 


shops, warehouses and accom- 
modation complex In the c ap ital, 
Muscat. The mein workshops 
and warehouse buildings are in 
structural steel finished with 
glass-reinforced concrete clad- 
ding. Accommodation and 
administration buildings are to 
:be refprbtohedand rerde o o c sis d . . 


AA to have 
datacentre 

JOHN' DOYLE CONSTRUC- 
TION has won a contract for tba 
construction of a corporate data- 
centre for the Aut om o bile Asso- 
ciation at Basingstoke. The 
scheme is a design and build 


contract vaiueo at si.iiu onu 

work baa commenced on a fast* 
tifadk ’programme to be 1 com- 
plied & 10 months. When com- 
pleted, two btaldlngs linked by a 
service spine will provide com- 
puter fartiitie* operating contin- 
uously 24 hours a day, 62 weeks 
a year. 

Catering at 
the RIBA 

Improved catering faculties fear 
the Royal Institute of British 
Architects In Portland Place. 
London Wl, are among several 
special works contrac ts worth 
Mm wan by ASHBY ft HORr 
NEB. 

The £109,000 facelift at the 
architects’ headquarters comple- 
ments the £305,000 contract to 
refurbish the canteen, kitchens 
and associated staff accommoda- 
tion, including the residents 1 all- 
night cooking facilities, at the 
Metropolitan Police section 
house in Paddenwfck Road, Rav- 
enscourt, west London. 

Stock Exchange staff will con- 
tinue to occupy 69 Wilson Street, 
London EC2, while Ashby ft Hor- 
ner refurbish the computer suite. 
Similarly, US Navy personnel are 
to continue operations at 7 North 
Audley Street, London Wl, dup- 
ing a major upgrading of the 
offices on three flows. 

The remaining gains Indude 
contracts for Barclays Bank, the 
Property Services Agency, the 
Royal Bank of Scotland ana ship- 
brokers Simpson, Spence ft 
Young. 

Building a 
brick factory 

KAYES ENGINEERING, Car- 
diff, has been awarded a &lm 
contract by ARC PQwdl Pufhyn 
Bricks. Rtoca, Gwent, to build a 
brick factory at Cirence ste r. - 

The plant, which will be com- 
missioned next spring, will cre- 
ate up to 15 jobs and have a 
capacity of 3fim brides a year. 
ARC has developed a concrete 
brick whkfa it claims is leading 
to the biflgwwt tr an sf ormation the 
Industry has seen for nearly half 
a century. 

Mr John Bailey, managing 
director of ARC PowdlDugryn 
Bricks, says that demand has 
risen so quickly that the Ciren- 
cester plant, the sixth in the 
group, was csacntlal to cater for 
longterm development. 


L’ 


Shand 


Committed 
to Construction 


ShandLkL 



Refurbishing 
Victorian 
swing bridge 

TILBURY CONSTRUCTION 
has been awarded a XMn 
contract by the Department 
of Transport to refurbish 
the Victorian saving bridge 
which carries the A17 over 
the River Neae at Sutton, 
Bridge near Spa l ding In Lin- 
colnshire. 

The awing bridge was 
Iwllt In 1897 to carry rail 
and road traffic between 
Kings Lynn and Spa Wing. It 
was designed to provide 
clear passage for vessels 
bound for Wisbech and 
Indndee a balanced candle- 
nr deck pivoting about a 
central pier. Following the 
closure by British Rail off 
the line tmder the Beeching 
proposals, the deck and 
approach roads were modi- 
fied to provide two-way 
vehicular traffic. 

The Department of Trans- 
port identified the need to 
carry out major remedial 
work to the etract nr e and 
commissioned Husband ft 
Co. to prepare detailed pro- 
posals for its refurbish* 
meat, consistent with its 
status aa a Grade H* listed 


• Structural repairs and 
modifications inelade 
replacement of the road 
decks, construction of a 
new approach structure and 
repairs to the ■ tractors! 
steelwork. To provide 
increased headroom for 
goods vehicles the co n trol 
cabin and the boss Macing 
wffl be lifted. 

Mechanical Imp r ove ments 
are Included to provide new 
rotatkml drive motors com- 
plete with new control 
equipment. Daring the 
replacement off the drive 
motors Tilbury Construc- 
tion will provide temporary 
machinery to awing the 
bridge.. 

Improvements to the 
appearance of the bridge 
will In volve repainting the 
vtractaro, refurbishment of 
the control cabin and Instal- 
lation of traffic barrier s. 
Protection from river traf- 
fic will be provided by fend- 
ers rewind tin entering pier. 



Ente Nazionale per I’Energia Elettrica 
U.S.$300,000,000 
Floating Rate Notes Due 2005 

UMxmdUonoBp gpomoetd as 10 payment of principal aid boars by 

The Republic of Italy 

In accord an ce with the provirions ctf the Notes, notice is 
hereby given thai the Rate of Interest has been fixed at 
7.145625% for the Interest Determination Period 30th 
November, 1987 to 31st Decembe r , 1987. Interest accrued tor 
this Determination Period and payable 31st May, 1988 wffl 
amount to U-SJ61.53 per U.8 J10.000 Note and U.5J1 J38J9 
per U-SA250.000 Note. 


Agent Bank; 

npany of New York 

London 


□ 


Banco de la Provinda de Buenos Aires 

(A public otsity organised under the ban of the 
Republic of the Argentine) 

ILS.$50,000,000 
Floating Rate Notes due 1988 

Redeemable at the Noteholder’s option in November, 1986 

For the six months 

30th November, 1987 to 31st May, 1988 

In accordance with the provisions of the Notes, notice is 
hereby given that the rate of interest has been fixed at 

relevant Interest Payment Date, 3{s?Maw, ^988° 
against Coupon No. 13 will be U.S.$lS)0-57. 


Agent Bank: 

Morgan Guaranty Trust Company 


WeHs Fargo \ 
International 
F inancin g 
Corporation N.V. 
U.S. $50,000,000 

Guaranteed Floating 
Rate Subordinated Notes 
due 1996 

In accordance with die 
' provisions of the Nates, notice 
b hereby given that for the 
. Interest Sub-period 
,30th November, 1967 to 
' 3 1st December, 1967 
die Notes win cany fin Interest 
Rate of .7*4% per annum. 
Tbe Interest accrued for the 
shave period aad payable on 
29th January, 1988 wffl be 
USS65.66. 

Agent Bank: 

Morgan Guaranty Trust 

Company of New York . 


Wells Fargo 
& Company 

U.S. $150,000,000 

Floating Rate 
Subordinated Notes 
due 1992 

In accordance with the 
prov isio ns of the Notes, notice 
is hereby given that for the 
Interest period 

30th November, 1967 to 
31st December, 1987 
tbe Notes win aary an Interest 
Rate of 7-(B75% per aimren. 
Inter est paya ble on the relevant 
interest payment date 
31st December, 1987 will amount 
to USSG0G) per USSlOjOOO 
Note. 

Agent Bank: 

Morgan Guaranty Trust 
Company of New York 



U.S. $100,000,000 

Floating Rate Participation Certificates Due 1992 
ksued by Morgan Guaranty GmbH for the purpose of 
makingaloanto 

Istituto per lo Svihrppo Economico 
delTItatia Meridionale 

(attatutorybody of the Repubfc of half incorporated under 
, LawNo.3XofApraU.l9S3) 

^ In ac corda nce with the terms and conditions of the 
Certificates, the rate of interest for the Interest Determination 
Period 30th November, 1987 to 30th December, 1987 has 
been fixed at 7%6%. Interest accrued tor tbe above 


Mtxgan Guaranty ThjstQmpany of l^ew York 

London Brandi 


FIRST SANK SYSTEM.1NC 



Ant Bask: 
Mnqjm Gwnft Tkwt 
Cofy rfNtwYwfc 


tiZJL FMANCUL 


U.S4 125,000,000 
Floating Rata Notaadaa 
1994 



MLLSAMUKLGBdUPflr 

USnSjMMN 


n accordance with the provjfarious 
of the Notes, notice is hereby gnea 
Om for ffle i n t eres t period from 
30th Notfembtr 1987 to 3>U May 
1988 the Notes wffl cany a rate of 
htcmt of 7«fc» per ammm aad 
die Interest peyabie oo the relevant 
btemt P aym ent Date. 31n May 
l«W wffl amount so USS397.14 per 
USUftOQONott. 


Mwgyi rasrmti That 
Ci — i n efNwrYwt 


BANCO DI ROMA 


» USHOfiO per USSHLOOD 















Us 




Financial Times Monday November 30 1957 



j .1 

s.g 

pb 

SsS 

;*»fc .■?; 


Winner 


\s$ 

ij 


•* -- •'• -«s 

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TTie Financial Times Architecture at V\forkA/vad for 1987 
has been given to Lloyd's of London. 

Of all the entries. Lloyd's was by far the most important 
Bold corporate patronage by a national institution has been 
rewaidedwith a unique building that fulfils a difficult brief, 
e vsually arresting and achieves its arinbitioritb contribute 
to the devetopmentof architecture- particularly bri a 
technical and structural tevel.lnadditidnitpiovHfesagood 
working environment for a market whose members need 
to work in dose proximity to one another For this reasdri ft 
is given the award. 

In reaching this decision the assessors Had to consider th& 
controversy surrounding the building which seems to 
centre dn tvvo aspects of the design: its unusual 
appearance with its exposed services and its suitability 
a place for Lloyd's to woric. From the outside, although 
unorthodox in appearance it is successful bdcadsS of H& 
sculptural contrast to the surrounding monolithic bkxiks of 
the dty.lt perhaps lacks some discipline in its detailed 
development - the mdiri entrance is nearly lost in the 
clutter of sendees and structure meeting foe ground; write 
the escape stair, being One of the strongest and most 
lavish of the buSding. is unduly emphasised- 

The inside is generally successful and seems to be well 
. liked from the random conversations we had without 
benefit of a poB. The central space and escalator provide a 
dramatic focus and the external glass Efts provide a 
welcome and exhilarating connection to the outside world 


; i 1 ;»i *Vi iffli i 


glazed windows requested by the efients for security. 
Jhere are still the 'runnihg in' problems that often fckie a 
tong time to'sort out in any new bufltfihg - in this ease 


derives from foe diariging nature of the market Ubyd's 
serves. The increase in tfie number of people workirig in 
the new building arid.rarigdd over several floors fiefe mfeartt 
that some groups how find themselves located 
apart. The technology used is constantiy c hanq i ng and 
increasing arid this needs to be acobmrnbdated. These 
variables could be anticipated in the brief orrfy by its caD for 
maximum flexibility in the (feign which the eifehtis report 
that the architects achieved most successfully. The cSent 
was able to double tee services required aid add (WO 
more floors for use by Lloyd’s during construction. 

There are some strange inconsistencies in the interior 
especially the decoration of foe toptwo floors which seem 
totally at odds with the building's architectural character 
and perhaps results from some loss of nerve bn the part of 
the efiem before completion. 

The jury feel that the Lloyd's building has ddfiie&d an 
architectural excitement rare in the Cityof London. The 
architects have made revokitioriaiy use of Hie language of 
technology and the Avail recogrtfees ihat Ldridori has 


Architect Richard Rogers Rarfo&shfo Ltd 

Engineer OveArup and Partners 

Client Lloyd's of London . . 

Contractor: BwfeCbnsftfctidriLtd 




Commendations 

2 

Henley Royal Regatta Headquarter*. This is a smaH, 
very specialised building arid receives a commendation 
principally for the way it fits beautifully beside a superb 


HTW it r=T3TT» < iTi-TTi iTTTJ rr? ; »T il:,! i • 


brief deals with three quite different functional etements- 
1 river level boathouse aaxxrmxxiatioa i»idge level office 
accommodation, reception land awnrrattee room and 
.accommodation for the secretary's flat in the roof space. 

The disposition and expression of these three elements 
producecd a building perfectly in scale with its 
surrounefings. The plan is elegant with a classical ordering 
of spaces on two axes which cross in the centre. The 
committee room at the end of the tang axis overtooking 
the river, is a fine double height space with a sma# library 
gafleiy. 

In its attempt to recfiscover old architectural devfcesfoe 
building suffers from some familiar "po^ modem - traps 
and some of the exterior detafirig has an applique look., 
which is font and uncom/indng. 


Architect: Terry Farrefl Partnership Ltd 

Engineer: Peter Brett Associates 

Client: Henley Royal Regatta 

Contractor. JM Jones Ltd 


I 


and Commercial Buildings 


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W H Smith Retail Headquarters ki Swindon, Wiltshire. 

This is a two-storey office building of modest architectural 
pretensions, it receives a commendation for foe care and 
attention with which it responds to the client's brief for 


( re* . -TFTir. rT.'T. n ,1 


related to the existing buildings on foe site. 

The building provides excellent working conditions with 
natural ventilation and the maximum use of natural light 
controlled in summer by external solar operated blinds 
which prevent heat build-up within the structure. The 
upiightihg system provides glare free illumination, 
particularly important for foe users of VDU screens. The 
environment for foe office staff is both efficient and 
relaxed and the diagonal spine corridor allows inter office 
communication without disturbance so that foe work 
spaces are modular islands of calm with views into 
landscaped areas and courtyards. The building is rather dull 
externally and whilst the diagonal corridor works well on 
plan it fe awkward in expression arid detailing. 



\ ‘ 




*-a' 

— -<* »•- 

■<;s ;r> 





In 1987 foe assessors were architects David Allford and 

Rick Mather with Lord Gibson as the layman. 


Fw a fvM copy of the iOustmted brochure send entBp 

stamped addressed M envelope to: FT Architecture 


Cannon Street London EC4P4BY 










Financial Times Monday November 30 i987 



MANAGEMENT 


WHEN Molex moved Into the 
Japanese market In the 19608. it 
had little idea that that country 
would turn out to be the world 5 * 
second largest marketplace for 
electronic connectors. 

The US electronics company 
describes the move as more luck 
than good judgment ‘I don't 
think we're that smart," chortles 
81-year old John Krehbiel Snr, 
whose father and brother started 
the company 50 years ago and 
who remains chairman. 

But since that move 20 years 
ago, Molex has established four 
plants and ten sales offices in 
Japan to supply the $2.45bn Jap- 
anese connector market It has 
built on its presence overseas, 
and made it a policy to follow Its 
multinational customers as they 
branched out in pursuit of 
cheaper labour. 

This has helped the company 
grow from its roots in an unas- 
suming suburb of Chicago to 
boast 39 plants in 15 countries 
and an international division 
that accounts for 88 per cent of 
Its $386.8m annual sales. 

Profits have increased, in what 
is a fiercely competitive sector of 
the US electronics business, from 
*17,000 in 1962 to *43.4m in fis- 
cal 1987, which ended on June 
30. (Some $39m of its sales and 
13 per cent of this year's net 
income arose from exchange rate 
gains on the falling dollar.) 

Back in 1968, when the com- 
pany was looking to expand 
overseas, it initially targeted the 
UK, but moved to Japan after 
two Japanese businessmen 
expressed an interest in Its prod- 
ucts at a European trade show. 

This led to the establishment 
of a joint venture with Shown 
Musen Kogyo, an experience 
which, although it did not net 
great financial rewards, proved a 
good introduction to doing busi- 
ness in Japan. 

Four years later, Molex bought 
up the entire venture after it dis- 
covered its partner had been 
copying some of its products an 
the side. 

“One of the biggest challenges 
for us was reorienting ourselves 
towards the way tire Japanese 
were thinking,’ explains Fred 
Krehbiel, who heads Molex's 
international operations. "Once> 
we did that, we learned a lot 
about working closely with cus- 
tomers and Just-in-time delivery 
that we could then apply back in 
the US.’ 

As it has expanded overseas, 
Molex has stressed the impor- 
tance of this sort of cross-flow of 
information as a vital part of Its 
business, which involves making 
same 2J300 varieties of connec- 
tors as well as cable, mechanical 
and electronic switches. These 
are used in a range of applica- 
tions from consumer electronics 
products to computers, cars and 
telecommunications. 

The company stresses de-cen- 
tralisation in its network of 
small plants - it does not like to 
have a plant that employs mare 
than 200 to 2£0 people - while 
trying to boost as mum cross-fer- 


molex 


fwf 


, } • ■ • Jif • . 

. • - . .. UK . fSiiw 

The Krahbials (I to r) John Jr, Fred, and John 8c 39 plants in IS countries but stiH a fasnfly company 

Molex: moulding the 
international manager 

Deborah Hargreaves explains how the ns electronics company 
encourages a cross-flow of people and ideas worldwide 


expatriate programme is that 
’managers can deal with the 
needs of one of our big multina- 
tional customers locally, and can 
also understand how they lit 
into that company's global 
view.’ 

However, the programme is 
not without Its problems. Rich- 
ard Cisek, who is currently 
export manager in the US, spent 
two years building up a sales 
faculty in Eindhoven, in the 
Netherlands. He says he found It 
very difficult to motivate his 
employees at first. 

"I walked into it thinking Eke 
an American and expecting 
things to happen like an Ameri- 
can and after a few months, I 
thought this isn't working.’ he 
admits. After that initial sur- 
prise. he says, he took it upon 
himself to get to know his 
employees on a more personal 
baas to find out how they could 
be motivated. Back in the US, he 
now finds it much easier to 
understand his European sales 


Why Woolworths’ staff 
are having a ‘brill’ time 

John Gapper on the UK retailer’s training scheme 


tillsation as possible between its 
international divisions. 

For this reason, Fred Krehbiel 
is developing a group of young, 
global managers that wfu con- 
tinue Molex's growth as an inter- 
national player. If you want to 
have a top position at Molex, you 
will have to have had an Inter- 
national assignment," he 


Managers earmarked for this 
expatriate programme will first 
be sent in small groups to a six- 
week course run by the Harvard 
Business School. This exposes 
them to much of Harvard’s Mas- 
ter Coarse in Business Adminis- 
tration as well as giving them 
the chance to work with col- 
leagues from overseas for the 
first time. 

The course will often be fal- 
lowed up by a two-year posting 
overseas in some kind of mana- 
gerial position, for which the 
company puts a lot of effort into 
preparing both the manager and 
hie or her family. 

The most important part of 
sending a young manager abroad 
is that he or she gets to see a 
different way of doing thing* , 
explains Fred Krehbiel. ’It 
makes them question and take a 
second look at the' way they 
were doing things back in their 
own country." 

Indeed, the nature of Molex's 
business, which involves devel- 
oping dose ties between its sales 
engineers and customers, leaves 


a lot of room for local initiative. 
Individual plants are usually run 
by local managers, who are 
encouraged to modify the equip- 
ment they use to get the Drat 
results ana to look at new prod- 
uct applications. 

This resulted In the develop- 
ment of 121 new products in fis- 
cal 1987 - many of them slight 
changes on existing products - 
and the filing for 56 patents. 

Every year, these efforts are 
crystallised when the company 
stages a two-week long world- 
wide seminar, as part of which 
all of its sales engineers bring 
along ten to 20 of the most popu- 
lar applications for Molex prod- 
ucts in their particular country. 

He seminar is useful as an 
exchange of ideas which manag- 
ers take bade to their own coun- 
try, says Fred Krehbiel, and 
Molex tries to keep this initiative 
going by encouraging its manag- 
ers to generate a cross-flow of 
information throughout the com- 
pany. 

One example of the way this 
works is- shown by the local pro- 
ductivity Improvements that 
have been nude by the compa- 
ny's Japanese operations. 

Fred Krehbiel explains how 
two connector assembly 
machines were recently installed 
in Brazil and Japan. 

Although the Brazilian instal- 
lation was running to specifics-, 
tion, the Japanese improved 
; their machine several times so 


that eventually it was running 
half as fast again as it dkl to 
start with. In this case, the com- 
pany sent the Latin American 
manager to look at the plant in 
Japan to see if he wanted to do 
the same with his. 

Often if two different plant 
managers come up with a solu- 
tion to the same problem, they 
will meet to discuss their results. 

In Japan, the company's local 
team developed a robot for 
separating the "runner’ or waste 
material from a plastic injected 
mould. At Molex's plant in Shan- 
non, in the Irish Republic, the 
.problem was approached by 
using a barrel assembly with 
holes in it; as the band toms, 
the mould would separate and 
tell through the hole, while the 
-runner would be discarded. 

The manager of each of these 
two projects subsequently met. 
and saw each machine in opera- 
tion. 

In the same way, the company 
will often send engineers with 
specific skills to different plants 
overseas far short periods of time 
to train local employees. 

Molex’s Japanese plants are 
doing a lot of work on miniatur- 
isation, which they will then 
spread to the rest of the com- 
pany so that other plants can 
cash in on the Increasing use and 
declining size of connectors in 
the auto industry. 

Fred Krehbiel stresses that one 
of the benefits of the company's 


At the same time; Clive Idler, 
-who is currently on secondment 
from the UK at Molex’s Lisle 
plant as a product manager, says 
his stint hel ping him to under- 
stand better how a US corpora- 
tion works. 

In its corporate strategy, MnW 
is not that different Son the 
large corporations it serves. And 
its moves abroad have often 
been prompted by a need to fol- 
,low its customers like IBM, Mat- 
sushita and General Electric. 

As the big Japanese companies 
moved into Singapore, Taiwan 
and Korea in search of cheaper 
labour, Molex followed them, 
often with a Japanese manager 
in place to liaise with them. 

This has positioned the com- 
pany for future growth. With 
plants in India ana Malaysia just 
opened, Molex has China as its 
next target and it is set to make 
a decision on a possible joint 
venture next year. 

Molex usually follows a policy 
of internal start-up for new 
operations. But It u currently 
trying to break into the US mili- 
tary electronics market, a sector 
in which it has no experience, 
with Its purchase of a 5 per cent 
stake in Cahfomla-bssea Matrix 
Science Crap. However, in this It 
is up against rate of its major 
campetitors on the consumer 
side. AMP Inc, which also has a 
holding in Matrix. 

Although Molex is currently 
benefiting from the upturn in 
the consumer electronics busi- 
ness, and the exit of some US 
companies from the connector 
field, it has success iv ely reduced 
its dependence on consumer 
electronics in the past ten years. 

After a couple of extremely 
competitive years in 1985 ana 
1986, when profit margins were 
eroded, it sees a strong market 
for the next six months, in spite 
of the stock market crash. 

The company is keeping to its 
goal of growing at an annual rate 
of 20 to 25 per cent with a 10 per , 
cent net profit. 


EXPORT ANALYSIS 
& FORECAST 

published quarterly 

ns 

Adciphi Chambers 
Hoghton Street 
Southport PR9 0NZ 
0704 38515/33133 


HANQUE NATIONALS 
DE PARIS 

ECU 100.000.000. FHN 
doe 1996 

NOTICE IS HEREBY GIVEN 
that for the period from 
November 30th. 1987 to Feb- 
ruary 29th, 1 988 the Notes wiH 
cany an interest rate of 7,1875 
per cent per annum . The inter- 
est payable on each ECU 
.10.000 Note on the relevant 
interest payment date February 
29th. 1988 will be ECU 
181,68. 

The Principal Paying Agent 
Buxine Rationale Dc Paris 
L uxemb ourg SA 


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Customers shop where . they fed 
most welcome. Warm funnies 
create that welcome. Discour- 
tesy, indifference, daw service, 
ignorance, errors and negative 
(sic) are cold prickUes, and 
customers hate cold pricfdies 
(Feelings training booklet, Wool- 

worths) 

IF YOU HAVE been shopping 
in a British branch of Wool- 
wraths recently and been struck 
by the fact that the store assis- 
tants who used to be "naff" are 
now' "brill’, you have - among 
others - Walt Disney and Lord 

Baden-Powell to thank. 

Those are individuals to wham 
Don Rose, Woolworths' person- 
nel director, declares himself 
indebted for the Ideas behind the 
company’s retraining programme 
fra shop assistants Intended to 
improve service at 817 stores. 

The programme - known as 
Excellence - has had tangible 
results already. A survey of cus- 
tomer perception of the helpful- 
ness of Woolworths’ 19,066 assis- 
tants showed 15-20 per cent 
improvement since ft started in 
July. 

Large parts of Excellence have 
been based on a simple premise: 
many Woolworths’ assistants are 
young. Although the average age 
of the assistants is 27, new 
recruits to the chain tend to be 
about 18. 

- This has not traditionally been 
to Woolworths' advantage. A 
1985 staff s u r v ey found, accord- 
ing to Rose, that: "We had a sales 
force that waa petrified of cus- 
tomers, so afraid that they did 
not want to talk to them.’ 

Rose recalls his wife's attempt 
to boy a pair of shoes in a Wool- 
worths' store. She was met first 
by a young assistant who said 
she was going to lunch, and then 
by another who said that if the 
shoes were not on display, they 
were not in stock. 

In its attempt to get to grips 
with the problem, woolworths 
has played on the age of its new. 
recruits in particular by borrow- 
ing ideas from the scouting 
movement and from Disney 
World in Florida. The scouts' 
contribution will also be familiar 
to customers of the McDonald’s 
hamburger chain. 

Rose told an Industrial Society 
conference on training in Lon- 
don this week: “The day I joined 
the wolf cubs, my Akela gave me 
a card. On that card was a series 
of tests, and if I passed them, I 
got my Tenderfoot badge.’ 

' Having decided cm a badge- 
based system In which assistants 
would nave to compete training 


DOCKLANDS 

New flats and houses 
available for Letting; 

El, E6, E14, SE16. 
Tefapbae <01)790950. 
Dv ckfand* Prsfrorty Centra. 


«faiw« to acquire a number of pttmeoting or smiling at than > 
stars, Woolworths took from rather than Odd Poddies > by 
Walt Disney the idea of trying to being unfriendly or imhelpftrf. 
imbue young employees with the Excellence as a whole Is 
notion of work as fun. divided into two halves of five 

That fun is intended to start sections each. The first covers 
from the moment that the new basic skills - induction, feelings, 
recruit receives his or her letter till training, secondary selling 
of appointment in the post. With and product knowledge. The sec- 
It comes a glossy magazine called ond covers the other five depart- 
Woolworths Scene which ments within a Woolworths 
includes advice ranging -from store. 

how to put on make-up to cos- Assistants are given a training 
tamer care. pack with a booklet covering 

The magazine is written In a each section. Except in the 
rathe: distinctive style; It advises induction and feelings sections, 
its readers to give Tip ’ciggies* as they ore expected to teach them- 

X " X. 


'TCANKYOUHJRttRWI* 
X tttBMS! / 


ICELAND 


[WOODMBQB 
I 500IMU& 



* ^\\J/ 


am Fuzzies a p te ral — flw way In whi ch staff should bahava 
wards c u ato m a re . 8)nca fha programme’s Inception In July, staff 

balpftd— has been shown to hava Improved by 1S20 par cant 


well as using such terms as 
"naff", “brill", and “wahy". It is 
unashamedly targeted at its 


On joining a store, the new. 
assistant Is sent to a regional, 
centre for a two-day induction 
programme: Here, borides learn- 
ing toe formal background of the 
company, he or she is informed 
that, while Dunlop makes tyres, 
Woolworths .‘makes .people 


selves from the booklets and be 
tested by their department head 
when they believe they are 
ready. If they- pass, they &dn a 


This is abo the first Introduc- 
tion to a ubiquitous creature in 
the Excellence programme - the 
Warm Fuzay. The Fuzre - a crew- 
tore resembling a red, furry foot- 
ball with feet and anna - is the 
symbol of the right way for on 
assistant to behave towards cus- 
tomers. 

The Fuzzy is a key character 
in toe Feelings section of the 
programme. This is taught in 
groups, with instruction bring 


star to put on their badges 
When they have gained five 
stars in either halt they are 
given a cash bonus of £110. After 
a . year, assistants will be re- 
tested and may lose stare if they 
fail to pass each section again. If 
they are successful, there is 
another 5U0 bonus. 

Woolworths ha* invested 
&4fim in retraining as part of the 
programme of re-organisation 
started after the Paternoster 
group bought 1,000 F.W. Wool- 
worth stores from the US parent 
company in 1982. - 
Rose believes there have been 
dear ffaanrfai yin* and cites an 
18 per cent increase in sales at 
four stores at which the Feelings 
programme was tested. He says: 

It is a strategic dedrion to dwell 


PRUDENTIAL A' 

PrOp*-'-ty' IkfVKW 





Company .Notices 


BEHR & 
BUTCHOFF 

For luxury properties in St 
John's Wood, Regent's Park. 
Maida Vale, Swiss Cottage 
and Hampstead. 

01-586 7561 


KENWOODS 

RENTAL 


DUALITY FURNISHED 
FLATS AND HOUSES 
Short and Long Lets 
23 Spring St, London W2 XJA 
Teh 01-402 2271 Tdexs 25271 
Fax: (01) 262 3750 


SLOANE SQUARE, SW1 

Oar cScnfta *npert> M Boor nn— 
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Smte b deco ra t ed to the Ugbcn atan- 
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Entrance ball, receptma room, dteias 
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01-629 6604 ^ 


TO 


given in the skills of giving cue- on the Importance of people to 
tomers Warm Fuzzies - by com- your business.* 


DEAN WITTER REYNOLDS INC . 
is pleased to announce an expansion of fts 

Private Client 
Department 

the following professionals 
have recently joined us: 


JOAOUNCASTILLO/Manager 
MICHAEL ANDHEW/Vk» President 
PETER AMANDINI/Vlce President 
KEVIN SCJLLIVAN/Vlce President 
DANNYDAGGENHUBST/Asatetant Vice President 
SALLY JOEL/Sales Assistant 


DEAN W! 1 lEK REYNOLDS INC 
is a member oftfie Sears Roebuck Group. ■ 

56 LwufanliaH Street. London EC3A2BH. 

DEAN WITTER REYNOLDS INC. i 


PETROFINA 


Saddle Anonyms 

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R.C. Brussels n° 227557 


Shareholders are hereby co nvened to attend 
General Meeting, wtdeh wM be held 


CARIETON SMITH 

^ CO. 



HENRY & JAMES 

CONTACT US NOW ON 
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ECU 50,000,000 
Reeling Rale Notes due 1990 

In accordance with the terms and condttons of toe Notes, 
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from November 30, 1967 to Fetauary29, 1988 
Iho Notes wfl cany an Interest Rata of 7VMt per annum. 

The Interest payabieon the relevant Interest Payment Date, 
The Agent Bank 

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.<#*• 


Fiaancial Tunes Monday November 3 tt 1987 


hs’sS} 


Small Family Business/Olivier 


SCJ u^ c . 


Martin Hoyle rrrt y y 

A Ia .?^ yc !£ ourn ' 8 cn^ent new, gemifaety frightening as he I lift I ,10 

National Theatre . success, toys with, the Idea of corporal ^ ** w X^XV/ 
a * ready by Michael Gove- punishqient, g toa&Jflce lncama- 

nqr on this page, still fills the pan of everyone^ ptost sinister There is an inevitability shoot 
Olivier with robustly cynical bogeyman. ■ . some awards, but the Financial 

funeral rites for honesty. : . Times Architecture at . Work 


ARTS 

FT Architecture at Work Award/Colin Amery 

The Lloyd’s building tops the bill 


Effie’s Bumini 


Martin Hoyle 


funeral rites for honesty. . . 

decency and principle. The black “ pat 
fable of upright Jack, backing £® “■“» 
old-fashioned virtues as he takes { 4naJi 3 r , a 


■: ;.*» Qver the family firm only to Mo ore brings the right 


squelch into bribery, 
theft, industrial espies 
masochism, drug traff 
(albeit inadverten t ly) 


In *k a Times Architecture at . Work 

i9“£fi «rea* Gwnbon Award is not one of them. In 

.. .. u . » brings the right touch of mo installation and a dam in the 

M«nhn.i] the portrait of sub mv Scottish hills. In factTUst year 

«ge. 5ado- fe w i^ 1 £®[?2L lind SL2 e § B Vw lr ^ iwy** dedskm to conunend 


has a Hogarthian thruatto itthS therefore the tes$ moving. Tech- 
aeems curiously appropriate to be relies over-much on a 


trol Bmldliig in Selkirk was 
almost an award for the land- 


Britain today. - 

The play lacks tfc 
ity of nightmare t 
able darkness that 
Ayckbourn’s com 


'4*' - 


smile- freezing best^here are Ayckbourn irony, the 

gags and| contrivances, fairly of vmtent death to gi ven i n 


N 


■ 

V ^0 


rdcany he relies over-much on a scape and for the great skill 

8 aD concerned^ make 

*££j£EZ , Jt ^ e V ng ^ bufldxng invisible, 

underttaes the amount of sheer This year the jury, after con- 
aoeamnig ip the play. psuaUy siderabtedeUb^atiocv, discussion 
•SBLP* PL*?** f oS * *3? and debate, lias derided to give 

**W award to the headquarter of 
w, ta tiw wn. 


the inexorabU- Bible blurt, (A second viewing 
, that inescap- underlines the amount of sheer 
mt falls over socamnigta the play, usually 
imedv at its abput food or rick dogs; with 


about food or sic 
typical Ayckbout 


ooviouaiy laid on. But the pro- ^ Prussic tones of polite front £re m clean of 
duction has settled into a grimly r Wm conversation.) 
hUnimm Carry Ob, Corruption The tarty Anita, who cracks 
EPS* *“E “y money (however the whip and buckles down, or 
iU-gotten)fa much more rale- up, to help the family finances, 
want, in its farcical way, than la still gratuitous and not quite 
Serious Money. believable; Sarah Atkinson plays 

Some members of the cast broadly, as If in naughty farce, 
have been replaced-, in two cases This may be the ordyway to 
superbly. Bridget Turner’s take the role. Otherwise the sea- 
pinched, whey-faced Harriet, soned Ayckboumian* - Polly 
spindly and straggle-haired, Adams and Diane Bufl especially 
whittled by rancour and resent- r offer pure Joy. Hughes' 
ment into an anorexic exdama- lighting on Alan Tug's wickedly 
tion marie of disgust, has a Dick- apt bijou set is aspowerfol as 
ensian ripeness that is a vast ever in its hints of cUabolism in 
improvement op her predecea- the wine and cheese belt. The 
sors sitcom caricature. And final toast to the family one of 
while Simon CadeH made a party whom is already hooked on the 


turn of grotesque mannerisms exotic wares Jack has to 

. . - - , fromthe venal private dick and peddle for certain Italian connee- 

'* . ■ extortioner, Clive Francis pres- tkms, is from a garish Dear Octo- 

~ 1 « nts ® repulsively reptilian pus for the new backbone of 
hunc h back of poisonous , coal- 1980s Britain. 


and debate, has derided to give 
the award to the headquartera of 
Lloyd’s ip the <3fy- Iw reasons 
are very clear; of all trie sohemf* 
examined - and there were 81en- 
triCS this year - Lloyd's stood 
head and shoulders above them 

all as a major architectural com- 
mission; and the jury was 
exteemety impressed that a pre- 
supposedty conservative institu- 
tion had beep bold enough to 
commission an astonishingly 
advanced, indeed in some ways 
revolutionary, budding designed 
by the Richard Rogers Partner- 
ship Limited. 

It is interesting tq look back at 
the way Lloyd's arrived at the 
derision to commission such an 
intriguing building. The system 
used to select an architectural 
practice was the internal limited 
competition. This is now quite a 
common procedure, particularly 
for "owner occupied- buildings. 



too much of the hand of the Inte- 
rior decorator. As the jury con- 
cluded, Lloyd's is a tour deforce 
of architectural design. As such 
it is very rare in England, and 


-tf-, _ 1 -«att7; 


ate Clien 
(lartmen! 


ji ■ >' 




Cinderella, The Real True Stoj 


for "owner occupied" buildings. 

A small number of architects -in 
the case of Lloyd’s it was an 
international shortlist - are 
Invited for interview. At that 
stage they are not necessarily 

So 

the commission; (his gives the- ■ 

client a chance tq develop the undiluted or otherwise, of the the building. There are two par- «u 
brief and to get to know the world- ticular aspects. First, its unusual “"I 

architect. This Is a very bold approach, appearance with exposed ser- 1 

Hie winning scheme by Rich-' At Lloyd’s, the removal cu many vices, and secondly its suitability Ro 
ard Rogers has been Been as very, of the sendee elements of the as a place of work. the 

controversial: indeed, some of its bqilding to the outer edges The Jury considered that the a 
occupants have found it difficult makes it possible to increase the almost sculptural quality of the jm 


Claire Armftstead 

Pantomime time is upon ns Modi goes on in the second to I 
again, and the season to be show' how courage and loyalty | 
merry, down at the Drill Hall defeat the various monsters prej- 
Arts Centre in Chenies Street, -is udice throws up: there la a 8°*'- 


Kfcfcard Roger's ImlkBag 


Picture bg Alaaair Uuir 


the season to be gay as welL 
Love of each far all (with sundry 
reservations about the male of 
the species) b the message of 
Cinderella, The Real True 


ffl. eon, depressed because "at the 

3 last election I heard that some- 
thing that was running was even 
of ghastlier and dirtier than me," 
! te and a grand inestimable eagle 


The three commended schemes 
show a marked variety of archi- 
tectural approaches. The head- 
quarters of Next at Ein derby In 
Leicestershire is the work of a 
young architectural practice 
ORMS: it is a very enjoyable 
place in which to work, and Its 
large central space and row of 
experimental shops is lively and 
impressive. Next is a company 
th at medalifles in the missionary 

streets ot Britain, and its head- 
quarters naturally embodies 
much of this energy. The jury 
liked the assembly of the various 
functions of the company - 

production regearefu* it wua 
highly pleasurable experience to 
visit a company that vividly 
e x pres se d its own "good design 
message” both to its workforce 
and to the world at large, 

The other company that wins 
a commendation for Its addition 
to its headquarters is WJLSmith 
at Swindon, where Ahrends, Bur- 
ton and Koralek have designed a 
carefully controlled and sensitive 
environment for office workers 
In a budding that surrounds a 
series of effectively landscaped 
courtyards. From the outside the 
building is somewhat austere, 
but inside a lot of thought and 
care has been taken with the 
quality of light and a pleasantly 
relaxed system of circulation 
that does allow islands of offioe 
calm. The provision of commi- 
sioned works of art was admired 
by the Jury - Elizabeth Frink's 
Running Men making a strong 
impression from the roadway. 


.Valerie Windsor’s hour-long 
two-hander was scheduled for 
the Bush when that fringe venue 
caught fire. Since then it has 
been given a handful of platform 
performances at the National, 
and now, still with the original 
cast and production from Man- 
chester's Library Theatre, it 
arrives for a run at the crusading 
basement theatre under the Offs- 
tage Bookshop in Chalk Farm 
Rood. 

; Effie - short for effing teat - is 
64 and has a mental age of 10. 
For over SO years she has been 
Institutionalised. For much of 
that time she was happy In a 
home where, as sympathetic Dr 
Kovacs puts it, "they walked in 
the garden, they had their films 

and they chose their curtains." 
Her crony was Alice whose his- 
tory, it transpires, was similar to 
Effie’s: the teenage pregnancy of 
a bewildered and exploited men- 
tal subnormal huqtled Into 
obscurity by outraged parents 
according to the clause in the 
1927 Act which deals with 
"moral defectives." 

As part of the government's 
campaign to re- Integrate such 
people into the community, Effie 
was moved to a rehabilitation 
hostel and a totally alien world 
to which die has responded with 
arson. ‘People should be very 
careful when they bandy words 
like freedom about," comments 
Dr Kovacs bitterly. 

Kovacs Is the ocher participant 
in this cross-purpose duet for 
(wo Innocents. She confides 


directly to the audience, flus- 
tered, well-meaning, apologetic, 

dedicated but unsure whether 
she shouldn't have gone into pic- 
ture-restoring as she is possibly 
better at mending things chan 
people. She licks the wounds 
inflicted by the insufferable Mr 
Jeaaop-Brown, the surgeon, of 
whose sarcastic witticisms she is 
the butt, and whom she answers 
back only in imagination. 

The beautifully constructed lit- 
tle play is served unnervingly 
well in Susan Mayo's production. 
In Phil R. Daniels' design, white 
cloth stretched over the black 
floor marks out the hospital 
room, and here Paula Tilbrook’s 
EfUe babbles, chatters, grumbles 
and occasionally panics, the 
pink, well-scrubbed look of a 
countrywoman clouding into 
vacuousness. 

Brigit Forsyth’s Kovacs Is 
harassed, flustered, self-analytic 
and breathlessly self- contradic- 
tory. There is a thrilling passage 
that suggests that Effle, like 
Brian de Palma's Came, caused 
the fire by paranormal means; 
but for the most port this is a 
marvellously observed study of 
two women in a routine situa- 
tion full of frustrations. The last 
word gives a sort of yearning 
hopefulness to the doctor's imag- 
inary retort to the supercilious 
Jessop-Brown. T didn't say that 
at all,' she admits to us, "but 
something very like it." Half-ea- 
ger, half-apologetic, she adds tri- 
umphantly, ‘and he knew what I 
meant." 


Bach Choir/Festival Hall 

, Richard Falrman 


almost sculptural quality of the jury's pleasure in the little Tha- 


utiHwioiHSt ino JVDIM 4 f uv <una a qmmiu aiicouiuauic 

Story, an all-women show that which turns out to be a chicken 
brings the work of New Yorker by any other name. 

Cheryl Moch to London for the The text Is angheised to the 
first time. extent of allowing space for a 

The piece, from ap Idea by smattering of traditional panto 


to crane to trams with its vray floor areas within. The result is nigged exterior was a success,- meside building - an enjoyable 
strong architectural diet. It » the triumph of the building’s because it made a good contrast esprit that fits in well 
worth considering his architee- interior; the bonus of a great to the surrounding monolithic Henley’s eighteenth century 
torsi approach, as since winning internal apace that is full of blocks. But that does not mean bridge. Some of the modem ve£ 
the Centre Ppmpidou oompeti- power and Imagination and on that a whole city of Lloyd's sions of the language 

tion he has beep seen as one of the scale of the Crystal Palace, buildings would be an entirely were thought to be a super- 


Moch and her composer/ eollab- gags, avidly seized by an 
orator Holly Gewanater, was pro- unashamedly partisan audience, 

Wydittwowf 


orator Hoi 

mitred at 


unashamedly partisan audience, 
but the essence of the work is its 


atre, one of the city’s three originality and its refusal to 
theatres for women, It was accept seconcbciass citizenship, 
brought tq these shares fay GQ- Moch • arid director Nana Shep- 


the pioneers of high-tech arcW- One of the most extraordinary agreeable place. As a place of 
lecture. The approach Is an ideo- buildings in Lqndon, the Jury for work, from a series of visits and 
logical one: a firm belief in the the award was extremely several random conversations 
la ng im g p of technology and engt Impressed by the magnificent (although vdtiumt benefit of a 
neerqig, and in some ways an quality of much of the detailing pall), the Jury frit that the mte- 


buildings would be an entirely were thought to bq a little 

JSK'-S ficial. tat both ljmide and out 
work, from a series of visits and the ho to .inmnt « A ii 


benefit of a 
that the izite- 


the Regatta HQ is elegant, well 
detailed and simply very enjoy- 
able to look at and use. 


lian Hanna, who appears as aji pbard * are not afraid to mate 
appje-cheeked King Philip' the their audience work by, for 
Bald In the sort of csst 'panto- instance, ending the first act 
mime demands tat seldom gets - with a lingering love scene 
one that matches craft with com- between Adrie Sateem’s Cinder- 
hutmrarL efla and Nicola Kathrerfs prin- 

The plot will HnnKHiM send cess, the eroticism of which is 
shivers down the spines of the not quite disgidsed by the srif- 
remotely homophojric: Cinder- mockery attendant upon it. But 

ella, a runabout sentenced fry neither ■*» ”■ — 

her wicked stepfather and -hja couple 


ahnntd; fetishistic admiration far and the sense of bring In a {dace riqr was generally successful; ft This year the Jury for the 
the materials and conjunctions that had been thought through seemed sad that the top floors award was Lord Gibson and 
of machine-made dements. in ev ery small dement. did not continue the architee- architects David Allford of YRM 

architecture refers to its parts, Iyt reaching its derision to give toral consistency of the rest of and Rick Mather. They short- 


many pf these parts are this year's prize to Loyd's, 
ted cm the outside of the jury did have to consider 


the the building; and the treatment llated and visited some seven 
the of the reinstated Adam Room schemes from the 81 buildings 


neither are 
couple 


edam about a 
an offirioody 


I for the admiration, contro ve r sy that has surrounded was generally thought to show entered. 

Old Year’s Eve/The Pit 

Michael Coveney 


The pre-war years were a turn- 
ing point for British music. As 
far as choral music was con- 
cerned, much of the writing 
being done still held on to its old 
creative roots in Parry and Elgar, 
but the most striking of the 
young composers had already 
broken Dree and were beginning 
to work the brash and dangerous 
feelings of the period into their 
music. 

This concert, given on Friday 
night by the Bach Choir under 
Sir David Wlllcocks, strikingly 
set the old and the new ride oy 
side. The old was Find's Intima- 
tions of Immortality l written for 
the 1099 Hereford Festival but 
not performed until i960. Its 
dates thus straddle tfre war, 
though one would hardly guess 
so from the pastoral harmonies 
and pastel orch estral shades that 
give the piece Ub contented, 
almost complacent, feeL 

Only in the sections for solo 
tenor does one sense Final 
(already the composer of the 


been, and other palms are won," 
words and music at last fuse' 
with real purpose - as Robert 


parsnip and up tatter op her len- tent orirtocrat who Aprenqteven biraSTpit^ucE^ on 

ErincS*! S^T«n£d^d ^Tte too much to expect that ? y 00 "* , wrlter Jriuuinra- 
assu? everyone, will either go, or be teg* iUSf 


of wiheTie can produce and 
around hla appreciative nal- 



I Bworth's poetry. When he sets e 
line such as "Another race hath 


For chorus and orchestra the 
score holds less of interest, 
though there are a few bold 
rhythmic {dess that sound mare 
like Walton than Finn. (The syn- 
copations and percussive wood- 
block are typical Walton finger- 
prints.) Al this concert the con- 
nection was especially easy to 
make, as we had just heartf the 
latter's own Coronation Te 
Deum receiving a lithe and 
almost elegant performance 
under Willcocks. 

After the interval came more 
Walton and a return to the 1990s 
with Belshazzar’s Feast. The 
choral parts in this work are for 
from easy and the Bach Choir 
brought to them a high degree of 
accuracy, but what a strangely 
powerless tutti sound they have 
for such a large body of ringers. 
David Thomas was the bass solo- 
ist, while in all three pieces the 
choir had Impeccable support 
from the Royal Philharmonic 
Orchestra - a genuine luxury in a 
choral concert of this kind. 


her grandmother clock's assur- everyone will either go, or. be 
ances: "What Hmif you fs yoqr persuaded, fry it, but if acme- 
mind." ‘ " thing of its wit, spirit and impu- 

Having dispensed with the nhy infiltrates the mainstream, 
Cinderella stray in the first half, it will be all the better far It. 

Anthony Milner/RCM 


rt at a centre for the men- . 

tally 111 In London. ble one, he suggests, with unrest 

Ins New Year’s dinner parte is and resentment inevitable facts 
set on a wine form in the West- of life. 

em Cape where a white couple, A murder is committed and 
Sheila and Joe, greet their only the piece ends on a tense semi- 
child, Martin, who is visiting on c oign . Martin has donned a black 


ate as a small victory. "Leaving 
is giving, up." I think Mr Speyer 
views the plight of white South 
African formers with some sym- 
pathy, but more despair. 

Their situation is an impossi- 
ble one, he suggests, with unrest 


L’Ormindo/Guildhall 

Richard Falrman 


m 


Is and resentment inevitable facts 


Army leave. face jungle disguise; Sheila slips 

In fact, Martin (Reece Dins- into a traumatised state of shock, 
dale) has deserted and has come predicting a future that sounds 
beck to fight for the farm after more like the author speaking 
walking feu six flays and nights than the character: They'D find 
from Cape Town. Vines have us Uke tortoises an our backs in 


face jungle disguise, Sheila 


Paul Drtvar Army leave. face jungle 

The British Symphony fa alive, if life ip the brass; sometimes per- In foct, Martin (Reece Dina- into a tiauipatised sta 
not lading its way into fashion- tangpus, though acceptably so; at dale) has deserted and has come predicting a future 1 
aide prominence. So pmfo was moat times using tim fulj-qrchaa- back to fi g ht for tike form after more like the anthc 
declared on Thursday at the tral te xtur e; anq altogether quite walking far rix W «w lUghts than the character: " 

Royal College of Music fry the fine. ' Dram Cape Town. Vines have us Uke tortoises an o 

first performance of the third Timuttn boe * 1 yi °k te d’ there fa a deathly the sun, with hard 

sympJSS! op. 46, of Anthony te hxMawtxu ^' 

gdner. The three-movement, iSSTeaSeT orchestral watk Sarah Pta Anderac 

35-minute work was a comma- d utm faintly discernible ^ tion cannot provide 

■ton foom the collepe, with w taM w^oaiuSslSuSa KT iSiSnfC; *Pbertc traudon the 

wWrii Milner luis beenteng mto- ^T^SiSte/thoSS lSfS- focte Ann Mitchell, 

cfated as a te a ohe r of musical — now nwremssonant, Within half Sn'hnur Sheila h cutting in a beautiful 

history; and the taut, Jnd^Sisticat^^o, ttan T^ £ dress, resorts to a vi 

well-groomed performance was • paidriang. Tl»e fonm we learn, is ^34^1 ddiven 


been violated, there is a deathly the sun, with hard sheDs and 
t* 2 ** hush on the compound and the hollow insides." 

black ser v ants have not arrived 1. 


Tray Doyle and Reece Dinsdale embroiled In political themea 

DSaSffg^^S^! ! .Maureen Lipman to 


■ . : - y T m a m hiwiu u»»o um ouhcu o.mI, nu - - J •- uuiwmu: m utiBiiuj nuiuv « uie . « 

to help with dinner. Some white revenging scourge of agricultural ctsir In npw nlftv 

.discernible have left the area, «5S «*°t®ir m new 

ocriudes Milner's hnrsh«u* Mitr-.hnin w *pheric tenriozv toe play itself Maureen Unman in t n nt *r f. 


wnHm auuier own personality, though his tan- ^ lacks. Ann Mitchell, elegant and 

cfated as a teradier of musical — (g now moreoSssonant, Within half nnhniir Sheila in cutting in a beautiful white lacey 

history; and the taut, Jnd^Sistkat^soTSn T^ lte £ dress, resorts to a violent, hatf- 

weU-groomed ^fwmance was V crazed verbal delivery that trana- 

mven by the RCM Symphony up _ for Sale.^ 8harfdn up hw fon0fl a "survive’ Into 


oven by the RCM Symphony 

Orchestra under Uonel Friend. There certainly hangs some- 
The symphony’s tint move- thing of the 1060s Cheltenham 
raent fa the hard-driven sonata symphony about Milner's work 
allegro you would expect - essay- with its generic at h l etici sm (all 
ing a strenuous dialectic those derisive string bowings!), 
charged with leaping vigour in contrapuntal empharis and door- 
the string parte and qduttralng ness of tone. 


suitcases and heads for the' sta- 

Tfre writing fa rode and ele- . It is an odd performance, but 
mmitary. with inauffirieqt prepo- ; one i n terest in gly pitched 
ration allowed for this seeming gest both national and j 
change of heart- Sullen, bulky- Instability. -Tony Doyle 
Joe (Tony Do^e) regards every gedly uncommunicative, 


Roger Glosaop’s elegant evoca- new p 
tion of the form, whitewashed adapte 
interior walls and smart furnish- Grenfi 
inn, fa ominously fenced off bv the Rf 
the wire of the compound, where ftem ? 
lurks the sflent menace of righ- ' °th< 


Maureen lipman is to star In a 
it evoca- new play by James Roose-Evans 
swashed adapted from the works of Joyce 
furnish- G renfell . ReuJoyce! will open at 
I off by ^ Redgrave Theatre, Farnham 
i, where from 1 FAruary 17 to March 12. 
of righ- ' Other plays during the Red- 


■fprmance, but teousness and anger. But realty, graves spring season are Michael 
Striked to sug- the Royal Shakespeare Company Frayn's Noises Off, Strindberg's 
i and personal has no right to p&ce such under- Th& Father, Louise Page's Salon- 
Doyle fa dog- cooked fore before a paying pub- ika and the Victorfan mriodra- 
cative;- a little lie matic thriller OasUghL 


As our knowledge ot early opera 
has grown, so the administrators 
of opera schools have increas- 
ingly seized upon the works of 
Cavalli fox their end-of-tenn pro- 
ductions. It fa easy to see why: 
there are plenty of roles for 
everybody (the composer was 
profligate In this respect) and 
the small scale of the musical 
style means no straining of ten- 
der young voices. 

In the world of opera, how- 
ever, good intentions rarely turn- 
out to be so accommodating In 
practice. L'Ormmdo, which the 
Guildhall School of Music pres- 
ented last Thursday with the 
first of two caste, is relatively 
well known. Indeed, it was a 
standard-bearer In the Cavalll 
'renaissance it Gtyndeboume in 
the sixties. Yet its capacity to stir 
our feelings needs to be comnnfc 
nicated anth more zeal than it 
had here, if the piece fa not to 
seem wearisome. 

One easy answer might have 
been an outrageous production, a 
temptation happily resisted by 


Patrick Libby, who contented 
himself with opulent pseudo- 
Turkish costumes and a few spe- 
cial effects. Instead, his young 
cast were left to project the work 
from the score alone. Since that 
is primarily Italian recitative (a 
hard pill for students to swallow, 
though think what it will do for 
their Mozart and Rossini In the 
future), their task was not an 
easy one. 

valiantly, the central pair 
acquitted themselves with due 
honour. Michael Forest, as 
Ormindo, is still some way from 
being a Cavalli stylist (the Ital- 
ian vowels never quite rang 
true) but his well-founded tenor 
is a promising instrument, and 
Deborah Hawksley's Erisbe part- 
nered him with a fine balance ot 
wonfa and line. 

From the rest of the cast one 
might single out Gunvor Nils- 
sons rich rqszzo Mirinda, as well 
as Peter Snjpp and Tae Woong 
Han, the most secure of the male 
voices; but in general this did 
not seem a vintage year. 


Arts Guide 


November 27 - December 3 


Travelling on 
Business in Itah ? 


Enjoy reading your complimentary 
copy of the Financial Times when 
you’re staying , , , 

. . .in Milano at the 

Diana Majestic, Duca di MQaqa* Hotel 
Excellsior Gallia, Hilton Hotel, Hotel 
Michelangelo, Hotel Palace, Hotel 
Principe di Savoia 


PARIS 




Lea M—fafau Aaowan. Tchai- 
kovsky, M uttorpiky jShootakovitchj 
(Monf Comedie <ka Champa Ety- 
uees $7203837) 

Orckcatn National dTle de 
France. Gala evening for the Coo- 


de Faria con. 
Downer. Ste- 
cvfch. Piano: 
ioven,Dietinar 
-e). fialle Pte- 


cours Long/Thiba 1 


Jeaajc Norway recitaL Geoffrey 
Persons, piano (Tua) Theatre das 
Champs Ehysees (47203687). 
Jcu-Htcc Lnlaada. Schumann, 
• Fauxe, Chopin. Shiah Drekabe 

Oidnstm de Faria conducted by 
Jeffrey Tate, Mltauko Uchlda, 
Pianm Wagner, ‘Bartok, Dvorak 
(Wed. Thur). Salle Plevel 


Palestrina, Mozart and Benjamin 
foitten’s A Ceremony of Carols con- 
ducted by Gerhard Schmidt Gaden 
(Mon) (80 91 26) 

area. Auditorium In Via DeDa Coft- 
dliarioae. Ekazar de Carvalho con- 
ducting Weber's 2nd piano pon- 


Tdkyo Akaderelker Eutabla 

VtyakH, Porpora, Schubert. Tokyo 
^ 0VBd3 

Slovak Pldlkanarale Oreheatra,* 
Smetana and Dvorak. Hitomi Hall, 
ShoTOffomen'! College, Songen- 


Saleroom/Antony Thomcroft 

The £6m laundry 


ducting Weber's 2nd piano con- Showa Women's Collei 


B€^aaJ^r«itro Comunale. Vladimir 
Redosoev conducting Jbert ami Gia- 
como Manzoui ana Tchaikovsky 
(Tue) (S2BBB9) 

' TOKYO 

Tokyo Banka Vleana String Owns 

' tM. Mozart, Beethoven. Kaikan 


d» Champa jBymm (4 1 

ITALY 

Mllaw, China di S Sim 
Vocf Blanche of La I 


Plano. Schub- 
rhur\ Theatre 


Opera and baH«t 



Cewmrnt flaiden. Royal Opera. Eva 
Martui gives her first London Tuq 
Jin the current revival, with Feta' 
Dvorak? (Gavaradasti) and Ingvzr 
Wlzril (ScarpSa) Gnbeppe SinapaB 
co nduc t*. Final performance of the 
new production by Elijah Ucahin- 
sky of Ifozart’a Entfuhrung, a 
meaay. friendly show unevenly 
sung (Kurt Uoll'a Osmin outstand- 
ingT and ratjier briskly conducted 


Foriun o# the Centre Geocyre Fore- 
- pddocL Valla, a multlidiaciplinary 
• open fry Tod Macbover and Cather- 
ine 0mm based on science fiction, 
uses the latest technology in trana- 
farmatloqs of sound and {made. 
(427712 83, Ext 48Q. 


FINANCIALTIMES 


teUaenL, English National Opera 
with more performances of two 
Jonatiian IGBo- prodittrions - the 
final rpn of the famous Mafia-style 
modernization, fa, expdr 

lent form, and the oew Buber at 
Seville, with Delia Jones and Alan 
Onie, conducted by Ifak Elder. 


Barite, Deutache Oper. Tunindot'iri 
Goer Friedrich's nroductfan foe- 
fores piida Kehn, Maria Tspsa Ref- 
noso and Pater Gougaloff. Tann- 
hsuser has a strong cost jvjth Janis 
Martin,' Spas Wenkoff and Andreas 
Schmidt. Madame Butterfly has 
Raina KSbaivahska, GttorgSo kwfahl 
and Yoko Nomura. Abo Oediput, 
composed for the Berlin Opera by 
and KatiaHfoba- 

Harebtog, Staatwper. D Trovttore 
mu Iwtafia- Trotskaya, Ffarenra 


i Inodoa-Rretiun-Ncw tint i 


PARIS 

P taUO etr*. Nonna aheroates with 

Theatre de la IMb. Monnler-Du- 
roure's kfort de Hire, where ridicule 
tiies to jBUttfae the tenor at death. 
(42742277) 


Coesotto and Wolfgang tofnd eL Le 
Nozze di Plgaro is a Joint project 
between Hamburg and Saram rg 
Morarteum. with a cast that 
indodcs Liiufa Plech, Deborah Mira- 
reQ, Ralph Houston and Fpter Gal- 
hard. Dfc Vetiquifte Brant has fine 
Interpretations by Linda Plech, 
Dieter Weller and Kprt MoU. Cm 
men, song hi French, takes the 


.inirniaCCTtlCi-NfO:?:.*)! 


leads Run Boldani, Rachel Jamison 
and Harald Stamm. Der Fliegende 
Hollander rounds off the pro- 

Xwon leads a 
strong cut in Tha Magic Flute. Die 

' Meisteraiuger von Numberg, con- 
ducted by Peter Schneider, has' 
Nadine Secunde, Bemd WeOd, Rob- 
ot Dnsfalvy and Geora Volker in 
the main parts. Also in repem»y 
are Hansel und GreteL Ts n n h a u ser 
and E3ne Fknentinluhe TfogocUe/ 
Gianni Schi^dU- (26761) 

Stuttgart, Wurttenbergtochas Staab- 
sth eater. Madame Butterfly hat 
AwRda Venfajo; Nujty Shade and 
ifahnJ Sylvester. Die Entfuhrung 
aus dem Sersil features Tomnko 
Nakamurai Tasukp Eorald and Hel- 
mut Berger Tuna. Hansel und Gre- 
td is again added to the pro- 
gramme. ^20321). 

Mulch, Bsyeriche Stattoper. GptteT- 
dammerong, produced by Nikolaus 
Lehnhoff, stars Ute Vlnzing, Lfa- 
beth Bakiev, Cornelia Wiukopf, 
Rene KoUo and Maitd Salminen. 
Macbeth will be conducted by Gui- 
seppe Patane. The week's 
Is ftiwhlkM! with Maria de nanoa- 
ca-Cavazta, Doris SoHel, Donald 


Sankryoku Ensemble for koto 
(hvp) sha nd san (banjo) and >ha- 
kuhadd (bamboo flute) plays con- 
temporary works for traditional 
Japaneae Instruments. Vario Hall, 

New Japan FMIaaruraalc Orehaa 

tea condnetad by Mss a wkV Inoue. 
Roussel. Gershwin, Villa Lobos. 
*K*^_2l*yo Bunka Kaik a n . (Tpaj 
foul) 


This week London takes centre 
stage among the world's art mar- 
kets, with both Christie's and 
Sotheby's holding important 
sales or Impreasianfat and mod- 
[em pictures. Pride of place must 
[go to Christie’s auction tonight 


McIntyre 

(21351) 


and -Norbert Schnnd. 


ITALY 

last , Tastro dell 'Opera. Rfouky- 
Korsakov’a La Opoia DeUo 2a r con- 
ducted fay Mstislav Rostropovich 
and directed by his wife, Galina 
VfanerakaJa, with vxnap and cos- 
tumes by Zack Brow n, in the oat 
are Lajos Miller, Stevka Mineva, 
Dimftar Fetkov. Vjaoesiav Foknov 
and tylyie Valaire. (46 17 B6) 

Floraee, Team Comm unale. Z effl- 
relh's production of La Boheme Is 
cond ucted by Carlos Kleiber. 
(2779236) 

Bdtegna. Team Comunale. New and 
suforahtt eccentric production of 
Rheingoid, excellently sung (In 


Peter Schneider conducts. ( 
Naples, Team Son Carlo. Dc 
Roberto Devereux (comjM 
toe San Cute and first te 
here on 29 October, 1K3* 
KatU McciarallL Alberto 
and Martha Senn, condu 
Gustav Kuhn. (417144) 


which includes a famous pamt- 
(ing by Degas. "Lea Blanchis- 
neuses,’ painted around lBTE'and 
depicting laundry maids at work. 
, It is being sold by the Durand 
family, descendants of Paul Dur- 
and-Ruel, the Impressionists’ 
.great patron and fust dealer. A 
(Price above Sfim can be expected 
for this, the finest Degas paint- 
ing to be sold at auction since 
the war. 

Another Important work Is jt 
Gauguin, "Les Trots ' Huttes " 
painted fa hfa Tahiti years. Sufot 
painting are rare on the market 
and a price in excess of &2m fa 
anticipated. It cornea from the 
Icollectfon of the late Josef 
Muller. In aU Christie's is selling 
24 Muller palntizra, inducting a 
Picasso portrait or his mistress 
Fternande Olivier; a Fanve land- 
scape by Braque; and a couple of 
good Renoirs. The' success erf toe 
Bale, and of the week, depends 
upon the strength of Japanese 
buying- They have underpinned 
this market m recent years. 

At Sotheby’s evening sale 
tomorrow the highlight is a 
Picasso “Souvenir du Havre,' 
which fa reckoned to be a turn- 
ing pefat in hfa development of 
Cubum. It is a mammy of a trip 
Picasso took with Braque in 1912 
to Le Hayre, and it incorporates 
souvenirs of the froiyfay - sea 


shells, a bottle of rum, an 
anchor. It Is regarded as the first 
fruits of a switch from an "ana- 
lytical" to a “synthetic" style. 
The oval -shaped oil was not pop- 
ular with Braque, but a price of 
up to £4.5m fa anticipated, which 
would be an auction record for 
Picasso. 

Another feature of a frenzied 
week of sales is the dispersal of 
Western manuscripts and minia- 
tures - at Sotheby's tomorrow 
and at Christie's on Wednesday 
evening. Once again Christie's 
has the edge, selling the manu- 
scripts of toe late Estelle Doh- 
erty. She fa most famous for her 
book collection, tat the manu- 
scripts include a Book of Hours 
of mound 1528, with the anony- 
mous artist immortalised as toe 
Doheny master, which should 
make £300,000, and the Portalan 
Atlas of 1544 which should top 
£200,000. Sotheby's is offering 
seven late from the library of 
Viscount Astor at Cliveden. 

A complete first edition of 
Audubon a “Birds of America." 


the greatest colour plate tame 
ever produced, fa to be offered 


Reference Library of St Paul, 
Minnesota. With only fourteen of 

the 175 sets produced still in pri- 
vate hands, Sotheby's Is hoping 
to beat the Sl.lm paid for the 
fori complete set it auctioned in 
1984. There fa a great danger 
that the buyer will spBt it up 
and seU off the 436 fiand-cof 
owed plates individually. 



Financial Times Monday November 30 1987 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET LONDON EC4 P4BY 
Telegrams: Finantimo. London PS4. Telex: 8954871 
Telephone: 01-248 8000 




In the last of a series on British manufacturing industry, Michael Prowse 
suggests that alarm over the loss of a workshop economy may be exaggerated 


Monday November 30 1987 


The need to bolster 


The pressure 
on Iran 


MORE THAN four months after cussing the Implementation of BRITISH manufacturing output (NIESR) has recently updated its 
the passage of UN Security Resolution 598 shows, it is far jg expected to rise by 5 per cent estimates of relative labour pro- 
Coundl Res olution 598. callixut from indifferent - and so would this year - more than In most ductivity in leading industrial 


for an immediate ceasefire 
between Iran and Iraq, the war 
is still going on. But so is the UN 


strengthen the argument of {other developed countries. 


diplomacy aimed 
which that resol 


also needs putting in perspective, 
ml Output per head a rising slightly 

mm faster than in the 1960s and 

miiu; much faster than in the 1970s, ■ W M ■ 

when it virtually stagnated. But ^ _ ■ ■ 

in absolute terms it is still very w w 

■ low by international standards. 

frl — — “ =-l The National Institute of Eco- since the war and argue that it 

nomic and Social Research would have caused the virtual 
ring output (NIESR) has recently updated its elimination of the manufectur- 
t 5 per cent estimates of relative labour pro- ing surplus even had British 
an In most ductivity in leading industrial industry been a world-beater. At 
countries, countries. Slightly faster growth the same time, the smallness of 
is rising at of output per head in Britain the UK’s manufacturing base rel- 
1 per cent compared with Its rivals has led ative to GDP is mainly a sign 
most rival to a small narrowing of the pro- that Britain reached economic 


confidence 


which that resolution inaugu- 
rated. Both the Iraqi foreign 


said to have agreed to this in nations. The real return on capi- ductivity gap since the early “maturity* earlier than any of its 
Seotember when he lunched tal in non-oil industry has tri- 1980s. But the chasm is still wide, rivals. 


September when he lunched tal in non-oil industry has 
with his four colleagues and the pled in recent years and. 


minister, Mr Tariq Am, and the with has roar colleagues ana tne 
Iranian deputy foreign minister, Secretary-General in New York. 

Mr Mohammed Javad Larfiani, But since then Moscow has 

are visiting New York this week, refused to start work an a new I outstanding, 
in response to an invitation from resolution, arguing that more | Are minis 
the UN Secretary-General, Mr time should be given for aiplo- 
Javier Perez de Cuellar. macy and that US naval acuvi- 


On the updated NIESR 


Secretary-General in New York, nearly 10 per cent, is respectable for 1986, output per head in Brit- 
But since then Moscow has by international standards, if not ish manufacturing is still only 


industry been a world-beater. At 1983 is equivalent to a staggering 
the same time, the ananness of 14ft per cent of gross national 
the UK’s manufacturing base rel- product, 
ative to GDP is mainly a sign No other leading indus tria l 
that Britain reached economic country has achieved such a pro* 
•maturity’ ea rl ie r than any of its longed and massive improve- 
rivals. ment in all areas of non-mama* 

Immediately after the Second factoring trade. Indeed, many 
World War, the UK needed to have experienced a deteriorar 


buttons from services and fuel its economic development only 
are added in, the total improve- in 1970, when industrial employ- 
ment in the mm-manu&chiring ment peaked at almost exactly 
trade balance between 1950 and the same ratio of GDP. Japan & 


Future living standards In the 
UK will depend In large measure 
on the success of manufacturing. 
This Is both because the sector fo 
the main source of productivity 
growth and because further sub* 
start tial improvements in the 
non-manufacturing trade bal- 
ance are improbable. The food 
and raw material balances are 
unlikely to strengthen further, 
the fuel balance will deteriorate 
as North Sea fields mature. The 
historical trends that caused the 


iqui valent to a staggering further behind still. the fuel balance wur oaenorexe 

: cent of gross national The UK experienced the lar- as North Sea fields mature. The 
oest proportionate decline In historical trends that caused the 
her leading industrial manufactu ring employment of manufacturing stnplus to damp - 
has achieved such a pro* any major country precisely pear are thus partially reversing 
and massive improve- because it was so advanced themselves. . 


(although not rich) in the early 
1950s. While British raanufactur- 


, , , ing has been in relative decline, 

by international standards, if not ish manufacturing is still only earn a vast surplus an trade in tion, albeit not on the scale of other countries have, until 

outstanding. about 37 per cent of that in the manufactures to pay for essen- the UK’s gain. For example, recently, had scope to switch 

Are ministers therefore right US, 48 per cent of that in West tial imparts of food, raw materi- between the early 1960s and the workers out of agriculture into 
to claim that Britain no longer Germany, 56 per cent of that in als and fueL It had liquidated its early 1980s, the non-manufactur- - industry. In 1965, agric ulture s 

has a 'manufacturing problem"? France and Japan, and 64 per overseas assets ana incurred ing deficits of Italy, West Ger- share in total employment was 

Is continuing anxiety about “de- cent of that in Italy. huge debts and faced a deficit on many and Japan increased by more than 20 per cent in Japan 


macy < 

It would be wishful thinking, ties in thf 
however, to see this as the open- statute an 
ing of “proximity talks” between further ea 


has a 'manufacturing problem”? France and 


the two belligerents. The Irani- of the conflict*, and thus 


the Gulf themselves con- is continuing anxiety about “de- cent of that in 
an "act which may lead to industrialisation* misplaced? These figur 
escalation and widening Should the UK accept that it is sanct: internal 


i per oe 

AS 


between the early 1960s and the workers ’out of agriculture into 
early 1980s, the non-manufactur- - industry. In 1965, agriculture's 


y precisely pear are tnus poraauy reversing 
> advanced themselves. _ . 

in the early The Issue Is not whether 
manulactur- Britain can turn itself beck into 
five decline, a 1950s “workshop economy," 
iave, until but whether the recent, encour- 
6 to switch ”!!*"!? trends on output, produc- 
ed tore into nvity and profitability ante 
agriculture's sustained. If they can, the UK 
ovment was may indeed no longer have a 


figures are not sacro- non-manufacturing trade in 5.1 per cent of GDP, 8 per cent and Ii 


West Ger- share in total employment was may indeed no 
reused by mare than 20 per cent in Japan "manufacturing ] 


ans see themselves as engaged in 
a dialogue not with Iraq but with 
the international community, 
from which they are trying to 
extract an endorsement of their 
own view of themselves as vic- 


b reach of Resolution 698. 


Naval operations 


once again an efficient and 
erful industrial farce in { 
markets? 


sanct: international comparisons excess of 10 per cent of GNP. and 1.6 per cent respectively. 


, and more than K> ; 
est Germany, in the 


are notoriously difficult and But what many economists It was both logical and neces- it was already down to about 5 management 


There is atw room for plenty 
of scepticism. The quality of 


ibal there are various ways of mea- and industrialists have failed to sary that these countries should per cent. 


These activities, Soviet spokes- 


| Manufacturing output 


UWJl VtCW Ul UIC1I19UVG9 W ' -U* 

tuns of aggression, fighting a Just 

and necessary war of self-de- under control tmd repl aced^ 


and necessary v. an international forde in the 

They made it dear to Mr Perez SXSSJSlSSSS 
de Cuellar, when he visited Teh- 

cLt.mk.iF that fh«r What form this international 


soring output per head. But it is accept is that the post-war situa- increase their manufacturing 

tion was exceptional. The tmpor- surpluses over the post-war 
tance of manufacturing for UK period. But Britain, experiencing 
input trade has declined ever since: the a largely autonomous improve- 

UK is no longer a “workshop ment in non-manufacturing 
^ I I I economy” like Japan or West trade, was in the reverse posf 

1 v/ I v' I Germany, not because It is tion. It would have been neither 


improved, but it remains unex- 


Much of the hand-wringing ceptional by West German or 


trade, was in the reverse 
tion. It would have been n 


Labour productivity* 

UK-100 


Output per man hour 


unsuccessful, but because it does possible nor sensible for the UK 


not need to specialise in widgets, to maintain the double-digit 


ran in September, that they 

would accept a formal ceasefire JSX E 

on the rfav that “the idantifica- P 11 ® 8 of engagement would be 


on the day that “the idantifica- ™ “ 

tion of the party responsible for ^ 

for Its part, now formally back«l 


by the Arab League, is insisting rnamous auemm m enaouan 
that RaaolufWM he toS? StSSZZZZ “3S 


merited “in the consequential 

order of its clauses’ - that is, control « long-drfurict mili- 
starting with a ceasefire and ta ?!S)?h2E2?a?f^52!fc- 
withdrawal of all forces “to the , lc 

internationally recognised to losing the 



As Rowthom and Wells point manufacturing trade surpluses of 
out, every major component of the immediate post-waryears. 


non -manufacturing trade - food, 
raw materials, fuel and non-gov- 


boundaries' and only later 


“entrusting an impartial bod; 
with inquiring into responsible 
ity for the conflict”. 


in the Gulf, which have so far 
been remarkably successful in 
protecting Kuwaiti shiDDing and 


protecting Kuwaiti shipping and 
responding to various forms of 


801 L 

1973 

Sowca: Eurostat 


raw materials, fuel and non 
eminent services - has sta 


The decline in the UK’s manu- 
facturing surplus was thus the 
result not primarily of progrss* 


strengthened since the early* sive industrial failure but of a 


1950s. The most dramatic turn- ct 
round has occurred in food and If 
raw materials: Indeed the raagni- ar 
tude of this change quite dwarfs ul 


the im 
the foe 


change in its trade specialisation. 
If UK industry had done better, 
argue Rowthom and Wells, man- 
ufacturing exports would have 


of North Sea ell on grown faster. But so too would 


France 


balance. 


imports; the Burplus would atiD. 


In 1950, the UK was running a have shrunk almost to zero, if 
deficit on food, beverages and not actually gone into deficit. 


W. Germany 


tobacco of almost 7 per cent of By the same token, the small 


GDP. Massive investment in agri- share of UK manufacturing in 
culture and the adoption of GDP and the steady decline in 




intensive forming techniques has 
led to a doubling of domestic 


Aims embargo 


Iranian attack, by accepting any 
proposal for mternationallsatian 
which has not been very care- 


ues has manufacturing employment 
imestic since the mid-1960s are not pri- 
•otmled xnarily signs of economic decline. 


BbuvkMESR 


* hi manufacturing 1 


As earlier articles in this series not unreasonable to argue 


trade abaft UK de-industrialisation is Japanese standards. Labour 


have mustr^4ma!mfecSSS British productivity Is still only prices, resulted in effective stiucture and the fact that the misplaced. The Aldington unions are subdued and willing 

industry fadSng^»^Ss between a third and a half of self-sufficiency and the virtual UK readied eomomic maturity sport's alarm at the decline of to ao^pt more sensiWe work 


bS&aRiWui saiSs afSSEffteva 

srasssa ssss ^ ~ a 

® SSTifim'^NB 8L2STO&: AS SMEARS 


Mu^ bggjgb^er ttanta STT ASZdJS tadM STS ttS dSwTb? 

atnWBtMPS ... Eriuln..re«hed II 


and unstr ment is evident whether you countries. There « 
n there - hsok at profits, productivity or catching up todo. 


manufacturing surplus, far practices. But will the new co-op- 
exampie, largely reflected a foil- mntive spirit survive a substan- 


which is very expensive - seems I ou^niL But the durability 


raw materials nas Deen mauscrjrs snare in employment nost-war economic trends, 
iced by around lift per cent was 48 per cent: no capitalist “However, while UK rrumn&c- 
GDP over the yast four country, before or .since, has tming’s stare of employment 
ides. If the less important, been more industrialised. West and output was bound to ctedine, 
still strongly positive contn- Germany reached this stage in fo did not have to trail the world 


although profitability 
are are still worries aba 


up, there are still worries about 
“snoortrtermhun.” British manag- 


Iran's part to end the war. 

Therefore they are eager to 
proc ee d at least with the draft- 
ing, if not yet the adoption, of a 


sing the pressureon Iran. fer.Britainfell Behind. Iterate- SJSS^^JSS !» 
iously the Soviet Union is tuimg ou tput In September, far SahS 

toraroect some diplomatic example, despite the recovery of ^ oas dommdc yodum; and the 
its forfiself if ttplays a yean^ was still 2ft per of 

lxrtivn mlo in mMHIo cent lower than in the boom of ment In xnanufacturlng. In 1986, 


I UK trade balances 


in terms of output 
ductivity and profit 


second resolution imposing an constructive role In the Middle *<*»«* “}an on the boom of m wo, 

arms embargo on Iran. They East. The nature of that role, but under Mr Edward_Herih. 


arms embargo on Iran. They East The nature of that role, but 
know that this would not be also of those benefits, should be 
watertight but argue that it one of the topics discussed by 
would emphasise Iran's isolation President Reagan and Mr Gor- 
from the world community - to bachev when they meet next 


Over this period, production has tee led by Loati Aldington argwsd 
risen by 40 per cent in Japan, 46 that, if nothing was done, the 
per cent In the US; 18 per cent in nanon «ould face “a xn^Jor social 
. Italy and 16 per cent in West eco “°™|‘ c crisis." 


as pancant of GDP 


unnecessary and greatly held 
back the growth of living stan- 


which, as its persistence in dis- week. 


Airline choices 


Germany. 
The com' 


Some of the concern about the 
on is In some trade deficit, whic h has since 
ways even mwiver if 1979, the widened, the shift towards ser- 
year Mrs Margaret Thatcher vte* the continuing loss of 

entered Downing Street, is taken mMufoctoring Jobs Is, however, 
as tiuf starting point A marginal m isplaced. These trends may 
lft pw^-enT&Hr manufoSS- have comparatively little to do 


Manufacturing 


The tendency far xnanufactur* despite much 'greater financial 
big’s share of GDP and employ- security, British manufacturers 
ment to decline in a mature still la c k confidence. They are 


il the world 'ere have became adept at cutting 
nwth, pro- costa, but it is less dear that they 
bUity. These are capable of the strategic phuv- 
necessazy structural - chang e ning required if lost world mar* 
were not at all inconsistent with ketsare to be regained, 
a healthy and efficient mannfoc- Capital formation s till lo oks 
turing sector. The absolute inadequate to nqnort sustained 
decline in manufoctuziug output rapid growth: in 1888, mazrufoc- 
in the 1970s and early 1980s was turing investment (including 
ready held leased asse ts) wa s sti ll 13 per 
living scan- cent lower hi real terms than in 
1979. The implication is that. 


wiaenea, me sum luwuxui 
vices and the continuing lc 
manufacturing Jobs is, how 
m isplaced. These trends 


economy does not imply that the still unwilling folly to commit 
sector is relatively “unimpor- themselves to expansion. 


THE PROPOSAL by Sc&ndina- centrating them in the hands of I ing output in the UK contrasts with the failure of British manu- 

irian AIpHviob finefom to n yvnvArfiiV umrlrforala AA w i nu tiw I imtk awammIa fflAhtrara ■ tlila nt lp<nof la tha 


British Caledonian poses another might be added, woi 
test for competition policy. It of its larger airlines 
comes shortly after a contra ver- foreign control. 


to fall under I is to regain its 


rial decision by the Monopolies 
Commission not to block the to face a choice 
purchase of BCal by the domi- motion of com] 
nant UK-based airline, British port for a nat 
Airways. Official policy i 


the late 1960s, it will have to Mty- 
out-Derform its rivals for at least Tt 


even of economists at Cambridge Univer- 






vJ 


tantL" The decline is partially an 
optical illusion: because the 
scope far productivity gains is 


*De47uHatriaUaatton and For- 


Thus, the Government seems out-perform its rivals for at least 
to face a choice between the pro- a decade, perhaps much longer. 

rnntinn nf mmnatilinn ■nil mn. 


motion of competition and sup- 
port for a national champion. 
Official policy is to refer mergers 


and sup- 1 Britain's 


als for at least They drew attention t o the 
much longer. dramatic change in the structure 
ivity "miracle" of non-manufacturing trade 


-V* 

-15 1 5tf— 

1945 

Sauna: ftmtham S WMs 


Non-manufacJuring 

*prtm«y p«xfucts tAis non-govwnmant swvioos 
(tad. prtwWB tranates) 


greater than in other sectors, the Trade by R E Rowthom 

Jric^of manufactured goods and JR Welts; Cambridge Untr 


tend to decline relative to the wrsity /Vsss: £15 paperback, 
Tjrices of services.- This bushes - £40 hardback. 


prices of services. This pushes - hardback. 

down manufacturing’s share of 

GDP in current price terms and Jhrevious articles sn this series 
disguises the magnitude of Its appeared on November 23, 24, 
contribution to real growth. 25, 26 and 27. 


On the face of it, the SAS oner 

Is in line with what has been, competition arise, 

until recently, . central feS ^though reference, for other. 


VIENNA, November 29 


^ «aa bL 2 *£rsszts 


TosZr * Viable Hfore? 


capable of competing against BA. 5 ven ^ ^ “ aroepted that- 
It^ould enlaigeGarind^s role 
as a second hub, outside BA's g£ ef S 


Shopping for 
freedom 


Men and Matters 


sphere of influence at Heathrow. fL ‘V;! Sac 

A urmnothmiMl RTj» 1 with nmutn *niP“? the 5AS 


strengthened BCal, with access 
_S_A^resources end routes, 


could offer a better service. 

The argument against it 1 
it might harm British Airw: 
would dissipate Bril 


’ gains which might stem from a 
BA-BCal merger, is so detrimen- 
st it is that tal as to justify a reference to the 
Airways; it Commission. This is a case 
Britain’s where shareholders should be 


would dissipate Britain s wnere snarenoiners should oe 
resources in tne international allowed to decide between rival 
airline industry instead of con- offers. 


Competition rules 


TOR THE past 14 years the EC 
Commission has been dying to 
obtain powers to control mergers 
and acquisitions. The EEC 
Treaty makes no such provi- 
sions, and the member states 
have been reluctant to approve a 
merger control regulation pro- 
nosed by the Commission. The 


the Government should pay Advent, the religious period 

careful regard to the interests of before Christmas, has a special 

BA, it Is not obvious that the significance in Vienna. For four 
Impact of the SAB deal, includ- wonderful weeks, the shops work. 
Lng the loss of the efficiency remain open until six in the people 
gains which might stem from a evening on a Saturday. For 
BA-BCal merger, is so detrimen- Vienna, that is a revolution, undat 
tal as to justify a reference to the Shops normally close sharply at focini 
Commission. This is a case 12.30 and remain locked until Adven 
where shareholders should be the following Monday. wants 

allowed to decide between rival When it comes to longer or Sunds 
offers. more flexible shopping hours, 

the shopkeepers complain. They Ha 
_ criticise the extra wages and hoi- 

■ wm I /vm idays they will have to shell out. Cha 

III | II ItT ^ Given that Vienna is a tourist under 

trap, the costs could be offset by goven 
the thousands of extra schillings itzky, 
and Rembrandt. These estab- a week they could make from He 1 
fished the two groups' Joint own- the frustrated tourists who flock notori 
ershlp of Rothman International into the city for a weekend only book) 


there’s a half page advertisement 
in Heti VUaggazdasag requesting 

S rtUms for next year’s foun- 
grants. 

In the Interview, Soros says he 
is hcgdng to attract Soviet schol- 
ars to his foundation. He already 
has contacts with Tatiana Zas- 


Free 


work, but she is unrepentant. “If edifice which politl 
people want choice, we should to openly challenge 
be able to exercise it* she says. Apparently everj 
undaunted by the prospect of Ppsed to be differen 
facing the magistrates over P™* since the swee 
Advent when, sto of all tins, she rial c hanges of I 
wants to open her shops on a restructuring intro 
Sunday too. this year, but So 


« refused Novisbrbirsk Institute and a 
great supporter of Mr Gorbachev. 
Soros believes in giving academ- 
lca a chance to work quietly and 
productively, even if they have 
i n rTw 1811611 out with the system, as 
uV'sSStalg some Hungarians have. 


ivskaya, the economist from the 
lovisbrbirsk Institute and a 


erent at-Voest-. 


is sup- 
jest- Al- 


Sunday too. this year, but Sommer is far 

- from optimistic. He says that 
n... ■mKHam Austria needs more civil courage 

LStfar |AHllH#9 and that people should stand up 

Change might be on the way- 811(1 criticise. He is aLLuding to 
under the Socialist-led coalition' corruption and protectionism In 
government oF Dr Franz Vran- Austrian politics. Chancellor 


itzky, the Chancellor. 


He has vowed to get rid of the R° rt ^ wan 
notorious ‘Parteihueh' ( nnrt-w .tnese old habits. 


ershlp of Rothman 


the European 
Mr Sutherland 


that this 


ndl will discuss this proposal 
n todav. and the Commission 


again today, and the Commission of the treaty, Article 86, w 
is flexing its muscles to over- aims against cartels and c 
come the resistance of the UK anti-competitive agreements, 
and other member states. Although Mr Sutherlaj 


Judgment gives him the power to decision about lengthening the 
control mergers and acquisitions shopping hours. Dr Helmut ZHk , 
under the other competition rule the ebullient socialist mayor of 
of the treaty, Article 86, which Vienna, is afraid of upsetting the 
aims against cartels and other unions even though he has the 
anti-competitive agreements. power to grant Vienna the status 
Although Mr Sutherland's of a tourist city which would 
interpretation appears to go automatically give it the right to 


In an attempt to break this 
ristanoe, Mr Peter Sutherland, 


resistance, Mr Peter Sutherland, 
the Commissioner for Competi- 


xnuch too far, it has u be con- 
ceded that his view is at least 


tion, threatened recently that if 

^ ® er 8 er ity- There would be surely some- old-fashioned guilds who are 

wifi have to P™ceed again st thing very wrong with the Com-, extremely protective of their 

"“““y “ a junior bench of the members' interests, before any 
means available to the Conuius- European Court had the power dedson has been made. No one is 

s,orL to legi slate in a way that would prepared to break the tidy, sti- 

By this he meant the highly JE JttZ iSSF&SP consemms-type politics 

controversial powers derived ^^hardlyi which runs Vienna and large 

from the 1972 judgment of the ^ P^^the country 

European Court in the case of thre ?, ten ^uncU that It Ejaaept perhaps the mdefatigi- 
Gontu^ntal Can, when it held apply wch controversial ble Mrs desine Tostmannitne 

that an acquisition Increasing Judgments, with ominous oonae- one person who Is trying to 

^ the Viennese put of tW 

dominant company may consti- “ oW T n .™? member stat ? s anti-entrepreneurial lethargy. 


arguable. This, however, raises a economy and social affairs say it 
constitutional issue of real grav- is up to the Kammers, the 
ity. There would be surely some- old-fashioned guilds who are 


ie frustrated tourists who flock notorious “Parteibuch” (party xnese ow hamts. 
tionall into the city for a weekend only book) system In which it was 
and - as the plaintiffs alleged -l to find the Immortal word, "Ges- expected that for certain jots, Qnme oair 
an anti-competitive sharing of I chlossen" - closed, adorning the applicants had to belong to one wUfvS 9U|> 

door of each lederhosen shop. of the two main political parties Talking of si 
Nobody, It seems, will make a - the Reds, the Socialists or the Soros, the New Y< 
icision about lengthening the Blacks, the conservatives. Since tier who last ne& 
Lopping hours. Dr Helmut Zilk, 1946, both parties have had it lars on Black Mo; 
e ebullient socialist mayor of more or less sewn up. The top his good-humour* 
ienna, is afraid of upsetting the management in banking and nature. He is one 
lions even though he has the insurance, the ministries and Hungarians who 
rarer to grant Vienna the status state-run industry used to be and became sue 
a tourist city which would shared between the two parties. has never turned 
itomatically give it the right to This comfortable consensus- birthplace, 
nger shopping hours. style politics has been costly, In the curreni 

Meanwhile the ministries for according to a fascinating book, Vilaggazdasag, i 


will need much sup- 
wants to get rid of 


S Soros support •“ 

ties Talking of support, George' strike 
the Soros, the New York-based finan- ^ ^ 


Rushing brides 

Chancellor Vranitzky's auster- 
ity budget is running into prob- 
lems. The students are still strik- 
ing over the proposed plan to 
end child benefit allowances by 
one year to the age of 26. They 
are even demonstrating, an 
uncommon event in Austria. 


property mm 
thafe worth 

^thousands. 


tier who last nearly a billion dol- 
lars on Black Monday, maintains 
his good-humoured and generous 
nature. He is one of those many 
Hungarians who left 'the country 
and became successful but he 
has never turned his bade on his 
birthplace. 

In the current issue of Heti 


The Judges are planning a 
strike this week over reductions 
in the bureaucracy, but the pro- 
posed budget plans are posing an 
unexpected spate of work for the 
local magistrates in the marriage 
registry offices. 


Each newly-married couple 
receives the princely sum of 
Schl5,000 (£750) from the state, 
emanating from the benevolence 


By this he meant the highly 
controversial powers derived 
from the 1972 judgment of the 


Das Voest Dabakel by Franz economics weekly, Soros gives 
Sommer, former press spokes- an interview in which he Bets 


Vilaggazdaaag, the Hungarian Krekjyi the former 

economics week] v. Soros gives socialist Chancellor who once 


The best property advice brings the best financial 
reward. And that’s the value of Jacksoa-Stops and Staff's 

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man of Voest- Alpine. This is the out his plans not only for Hun- 
state-run steel and engineering gary but also for the Soviet 


state-run steel and engineering gary but also for 
group which, besides recording Union, 
huge losses, was involved in iDe- His plans are lh 
gal trading on the ofi markets In "Soros alaaitvanv* 


boasted that he didn’t know a 
thing about economics. . 


His plans, are finked to the get. The finance ministry w 
*®oros alapitvany to give it’s to scrap this present which 


Alas, Dr Krdsky’s generosity is 
now part of the costsaving bud- 
get The finance ministry wants 


aps the indefi 
ie Tostmann, 


Ied to »!r tt title, otherwise S^ySSi^t^SfSolS 

ss the Soros foundation, cal gesture byDrKtScy 
that Voest- Alpine illegally sold For several years Soros has given * aoreiaxy. 

arms to Iran. - - "**- - - 


Sommer’s book is revealing ian scholars. As the H 


a lifeline of support to Huzigar- 


tute an abuse prohibited by Arti- 
cle 86 of the Treaty. The Com- 
mission has so far wisely 
refrained from relying on the 
strength of this maverick judg- 
ment 


quences for business, if it did not. shake the Viennese out of their 
first obtain the member states 1 anti-entrepreneurial lethargy, 
approval of its merger regula-. .That however, means taking on 


bon. the bureau cn 

Such undue pressure must be Since 19& 
rejected. It is unthinkable that opened her si 
the Commission would really, tourist could 


the bureaucracy. 

Since 1984, she has illegally 
opened her shop which sells all a 
tourist could wish for. It Is quite 


but depressing about the Aus- min to 
trian way of doing things. As the reduc 
world steel market went through Hung* 
recession and so was forced to qintn. j 


ministry of education budget is 
reduced even further, many 
Hungarian economists, sociolo- 
gists, historians and political sd- 


in traduce major changes, the enlists are looking to Soros to 
voest Alpine management give them a chance to study 


enter such an adventurist path.il something to read the magis- 
putting its own authority an trate’s statements about her 


This month Mr Sutherland riskJJowever, the CoundTa atti* illicit dealings. They amount to a 

rlrlnJ fn Vi ip nwnnnl n nnnt nwwl hl<4d ellCUlU ril'd 1lA Wrlmllw rinifti irlrHinl fom — ■ ^ S 


added to his arsenal a new and tude should not be wh 
no less controversial judgment, five, since there Is a 
In this, the Court rejected a com* some common Europi 
plaint by BAT and R J Reynolds m unity mover policy 1 
that the Commission should not term, especially in th 
have approved agreements con- the programme to con 
eluded between Philip Morris internal market 


tude should not be wholly nega- virtual law report, itemising in 
tive, since there Is a need for extraordinary detail the hours 
some common European Cora- during which Mrs Tostmann 


policy In thek 
f in the light 


broke the law. 
Every time 


magistrate 


voest Alpine management 
turned a blind eye to the situa- 
tion. 

The shop stewards struck up, 
in what Sommer calls, "an 
unholy alliance with politicians" 
and resisted all change. People 
were recruited on the basis that 
they would not rock the boat or 
else they knew “somebody." The 


eye to the situa- abroad or at least to tokp a sab- 
batical 

wards struck up, At Bloomington, Indiana, Hun- 
mer calls, “an garians practically run the eco- 
wiut politicians' nomic history department, 
I c h ang e . People thanks to Soros. He has also 
Dn V le J >as * fl t ® a * financed post-graduate work for 
rock the boat or visiting Hungarians at Oxford, 
“somebody." The Vienna and other places, and 


The result? Hundreds of young 
courting .couples are rushing to 
the registry offices to get mar- 
ried before the end of the year so 
that they can receive their wed- 
ding gift from the state. 

“Yes, ft’s true, there's a queue 
fear the weddings’, sighed a little 
old lady in one of the magis- 
trate's offices. "We have to get 
the marriages signed, sealed and 
registered before the end of the 
year. You know, the money is 
very important to . them. I sup- 
pose they are marrying out of 
love as well" 



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Financial Times Monday November 30 1987 


^v4w,t. 




1 fff , 
jjrtjjdoj 

oUgl 

lilihijii 


Tony Walker reports on how drought in east Africa has dangerous implications for Egypt 

The Nile thirsts for life 


Lombard 


WHAT THE NILE gives to the Egyp- 
tians it can also take sway. The great 
river has rarely failed them in more 
than 7,000 yean of civilisation, and 
yet persistent drought In its catchment 
areas is threatening disaster. 

The crisis of the Nile goes to the very 
heart of Egypt's existence. Nothing 
would be more likely to erode Its 
image of Itself, its traditions and its 
self confidence than further prolonged 
drought 

Underlying the discussion * in du sty 
offices in Cairo, among technicians 
responsible for monitoring the river’s 
flow and in the gilded salats of spnfrw 
officials - Is an unspoken fear that 
weather patterns may be permanently 
changing in the country's African hin- 
terland, source of the Nile waters. 

These concerns have flawed quietly 
through sections of the bureaucracy 
and lapped at the doors of the presi- 
dency itself. But to thedfeanay of some 
in the higher echelons of the Egyptian 
Government, there is httte sign that 
the extent of the danger is appreci- 
ated. 

‘Nobody has the courage to say the 
king is naked,” says a senior and 
highly articulate Egyptian official, 
who has mounted something of a per- 
sonal campaign to alert his colleagues 
to -the need for stricter conservation 
measures. 

Images of Ethiopian peasants starv- 
ing to death after yet another failure 
of the rains should be particularly 
painful in Cairo, because the uplands 
of Ethiopia, source of the Blue NQe, 
collect 84 per cent of the waters flow- 
ing through Egypt. Yet if the Egyptian 
Government Is concerned, its worry is 
well disguised. 

A seventh year of drought in the 
Ethiopian catchment of the Blue Nile - 
matching Joseph's biblical vision of 
seven lean years threatening the 
inhabitants of the Nile valley and 
delta - is, it seems, faring realised. .. 
Rainfall in Ethiopia has been consis- 
tently low sinpe 1981. Water flows at 
Aswan of just &3bn cubic metres in 
1984-86 and the expected 42bn cn m 
this year are on a par with the -cen- 
tury's previous low of 4Zbn'cu m in 
1913-14. 

The crisis of the Nile has political, ' 
social, economic, demographic and for- 
eign policy dimensions which are 
likely to come into focus if the . 
drought persists beyond August 1989. 
By then, at the present rate of con- 
sumption, all usable reserv e s will have 
been exhausted in Lake Nasser, 
formed by the completion of the 
Aswan high dam in 1971, on the bor- 
ders of Egypt and Sudan. 

Egypt's irrigation year runs from the 
beginning of August to the ejid of 
July. Total yield this year, based on 
four months’ data from the Blue Nile 
catchment corresponding with the 
July-October rainy season. Is expected 
to reach about- 6Gbn cn in, compared 


FMddisefHoes 
ads and the Act 


with the average of 84bn cu m. 
Egypt’s quota wm fall well shot of 
the 6&6bh cn m it is entitled to under 
a sharing a&eement with Sudan. 
Egypt's predicament is that it is 

almost totally dependent on a single 
water source, which is subject to at 
matte fluctuations and to nnpredict- 


.nGXTBwweofsei. 




inducting Egypt), which farm the Nile 
basin, tt Is pemsps unsurprising, if a 
little melodramatic, that Mr Boutros 
Ghali, Egypt's Minister of State for 
Foreign Affairs, should have declared 
recently that “The next war in our 
region will be over the waters of the 
Nile, not politics.’ 

Egypt’s immediate problem, how- 
ever, is that to maintain the standard 
annual flow through the Nile at 
• Aswan of about S&obn cu m - the 
volume necessary for its livelihood - ft 
is being forced to draw on buffer 
stocks in Lake Nasser which are 
already perilously low. According to 
Mr Abdul Body Rady, a senior Irriga- 
tion ministry official, Egypt will util- 
ise about lOfan cu m of a 17bn cu m 
reserve in the year to July 1988 $0 
augment availabte water supplies. 

Usage ova- the 12 months of an addi- 
tional lObn cu m of buffer stocks 
would leave Lake Nasser with just 7hn 
cn m in reserve for the following year 
(1988-89), Unless the drought breaks, 
Egyptians are certa in to be forced for 
the first time in r ece nt memory to 
accept restrictions on water use. 

Continuing dry years into the 1990a 
would play havoc with Egypt's ambi- 
tious land plans and rnn ^ f ° 

its rapid rate of population increase 
even more difficult to s ustain Such a 
development would also increase the 
country’s already high level of depen- 
dence - SO per cent - on imported 
foodstuffs. 

Allied to these problems Is the fori 
that diminishing reserves in Lake Nas» 
sex arc restricting hydroelectric power 
generation from the massive 
of Hie Aswan high dam. According to 
a US energy expat, die waters of lake 
Nasser stood at 158JJ7 metres above 
sea level on November 1, which meant 
that generating capacity was already 
down by about 2S per cent. 

By the end of July next year, the. 
dam is expected to have dropped to 
181 m above aea level, which would 
erode generating capacity by % further 
seven per cent. The flow of water 
from lake Nasser through the high 
and low dams above Aswan, pear the 
borders with Sudan, accounts for 
about 28 per cent of Egypt’s electricity 
requirements 

A shortfall in Egypt’s main energy 
source will have serious r eperc us sions 
in a country which is already exper- 
iencing shortages. The electric power 
supply failed to meet demand on at 
least 70 day* between January and 
September ads year, according to the 


UWttl !*>"’> 


*. suoan i vvf ar 




v - 


TANZANIA. 


Tho Nfle a crisis th ruatona the Mo- 
toric waterway which goes to the 
heart of Egypt’s existence 

United States Agency for International 
Development (USAID). 

If Lake Nasser drops below a range 
of 143 to 146 m Above sea level, the 
turbines will have to be shut down. 
This point will be readied so m et im e 
in 1989 if the drought persists, but 
experts point out that the level could 
dissipate more quickly -than antici- 
pated because the lake’s flood pi«*n is 
drying up and the water level will 
soon begin to drop in the Nile river 
dympditsejt 

A briefing paper, prepared by 
USAffTs office of irrigation and land 
development, predicts imminent water 
shortages and makes ominous reading. 
It says that Egypt needs to manage its 
limited water resources better. The 

urgency stem? from: 

• The apparent lad: of co ns erv a tion 
pleasures covering the use of the 


water reserves behind the Aswan high 
dam during the recent African 
drought 


• Estimates that show there win be 
Uwafficfe&t water to sustain Egypt’s 
projected population by the year 3000, 
unless drastic c onse rv a tion and man- 
agement i m prove m ents are put into 
place during the next few yean. 

The unpleasant reality la that the 
country's population of 61m is grow- 
ing annually by up to three per cent - 
about an extra ynfllfon every eight 
months. By the year 2000, the total 
will have reached between 65m and 
70m. A senior irrigation ministry offi- 
cial estimates that, by the end of the 
century, the country wfll require more 
than 70bn cu m annually to sustain its 
growing populatfonTwhere will the 
water come from? 

Mr Rady says the ministry's main 
task Is to make better use of available 
water. Efficiency usage stands at 
about 50 per cent, low by interna- 
tional standards. Be believes that this 
could be raised to 76 per cent fay lining 
canals to stop seepage, rreing pipelines 
instead of canals and changing irriga- 
tion methods from the wasteful flood 
to more selective watering Supplies 
could also be maximised by recycling. 

But all this takes time in a largely 
agrarian country, where peasants stiU 
employ ancient water management 
practices which, in some cases, date 
from the time of the Pharaohs. Egypt’s 
arable land amounts to about 6m 
acres. Modem irrigation methods .are 
being applied to only about 126,000 
acres, little more than two per cent of 
the total. 

Egyptian officials most immediately 
concerned with making the best use of 
water seem almost insouciant about 
the dangers. Relying on ancient 
records, dating from before the birth 
of Christ, they insist that present 
shortages are merely an aberration in 
the life-giving history of the world’s 
second longest river, the main channel 
of which stretches for 6,700 kilo- 
metres. 

They report that in the past 3,000 
years prolonged drought has only been 
experienced on a few occasions: once 
dining the retail of Rameees H (1304 - 
1237BC) and niter In the eighth cen- 
tury AD during the Fatindd period. 
The completion of the Aswan high 
dam in 1971 was meant to give an 
almost absolute guarantee against 
famine and drought. 

Less sanguine about pr ospect s aye 
American experts who have studied 
the records and arrived at different 
conclusions. “Based on this (study) 
arid on the current- knowledge of 
worldwide weather patterns, it might 
be assumed that we are currently 
entering a knr flow period foe the next 
15 or 20 years,* the office of Irrigation 
and land development report says. 


But it abo warns that the “longtexm 
weather patterns and water yields to 
Egypt could very well be changed, 
because of man’s influence through 
various development and nse activities 
in the countries within the water- 
shed.' 

Egypt Is very conscious of the 
threats of serious interruption to its 
lifeline because of possible political 
disruptions upriver. This is one of the 
reasons why its foreign policy has 
tinned increasingly towards Africa. 

A reminder of the potential danger 
has been the interruption, because of 

civil war In southern Sudan, to the 
JonglcA canal project to improve the 
flow of water through marshland 
impeding the White Nile, the source of 
which b Lake Victoria- The JongLel 
project, partrfunded fay Egypt and the 
European Community, was designed 
to increase the volume of water flow- 
ing into Lake Nasser by about 4bn cu 
m a year. It was 70 per cent completed 
when work was halted in 1983. There 
is no sign of it bring resumed. 

Mr Ghali estimates that the Sudanese 
civil war and failure to complete the 
Janglei project b casting Egypt up to 
$200m annually. He says that an addi- 
tional lm acres of land could be irri- 
gated ff the canal had been completed 
as planned three years ago. 

"But,” be observes, “the problem of 
water is linked with longform solu- 
tions to political disputes in the 
region.” Southern Sudanese rebels are 
receiving assistance from Kenya, 
Uganda and Ethiopia. 

I nt err u p ti ons to the Jonglei scheme 
are impeding plans for other conserva- 
tion projects, such as the creation of a 
dam on Lake Mobutu (previously Lake 
AlbertX on the borders of Zaire and 
Kenya, to marshal water resources bet- 
ter. There b no chance of raising 
funds for the second project until 
work on the Janglei canal resumes, he 
says. 

Egypt, in its anxiety to promote eco- 1 
nomic and political co-operation 1 
among the eight Nile basin countries, j 
co-sponsored several years ago the for- 
mation of the Undugv. Group i 
entity In Swahili). 


The high price 
of low quality 

By Christopher Lorenz 


(Undugu means fraternity in Swahili). 
The group includes, apart from Egypt, 
Uganda, Tanzania, Rwanda, Burundi, 
Zaire, Sudan and Kenya. 

Cairo is aware not only that the 
pytp*n«i for disputation within these 
countries b great, but abo teat they 
are undergoing high rates of popular 
Sion increase. Kenya, for example, has 
one of the highest birth rates in the 
world. 

“The day that Kenya decides to use 
water from Lake Victoria, we'll have 
less water in Egypt,* says a senior 
official. “One litre of water used for 
their irrigation will' be deducted from 
water received jba Cairo.” i 


WHENEVER A western currency 
soam^lides or even merely stut- 
ters, the local business lobby and 
its attendant stock market grind 
into action with a show of either 
delirium or despair. 

The dollar slides against all 
comers, so America readies itself 
for a welcome cut In its yawning 
trade deficit. The D-mark soars 
n gningf. the AnHpr,«m West Ger- 
mans worry about the imminent 
end of exports to America - even 
if, as last weekend, Volkswagen 
chooses the same moment to 
announce an end to US produc- 
tion, and its confident reversion 
to direct exports from the Fed- 
eral Republic. Even when more 
marginal currency shifts occur, 
whether in sterling or the schil- 
ling, major trade ramifications 
areuistantly forecast. 

It has been the same for the 
past 15 years, ever since an 
unwilling world was dragged 
into an era of floating exchange 
rates. Yet whatever the lobbies, 
the stock markets, and their 
tame economists may daim, the 
truth Js pot so simple - as the 
VW move demonstrates. What is 
all too often ignored on these 
occasions - in public At least - is 
that few products sell purelyon 
price. If they did, then vWs, 
Mercedes and Volvos would long 
since have ceased to sell in most 
countries, as would West Ger- 
man machinery, Sony televisions 
and countless other items. 

Still higher-priced products sell 
diMMt entirely on status and 
style: significantly, ft b not cur- 
rency factors, but the collapse in 
Wall Street confidence (and 
bonuses), which caused the sad- 
den US sales problems which 
Porsche revealed a fortnight ago. 

Price certainly plays a part in 
international trade .ranging from 
major to minor. But so, in a 
growing number of products and 
markets, does a host of “non- 
price factors’, notably design 
and quality (in the form of prod- 
uct performance, ease of use, 
reliability and so on), as well as 
delivery and service. This 
especially obvious in the 
1970s, when west German 
exports withstood successive 
revaluations of the D-mark, in 
spite of the worries of many 
companies - VW, for one, reacted 
by starting production in the US. 

Since then one research study 
after another has demonstrated 
that design and quality play at 


least as great a role as price In 
purchasing decisions. In Britain 
alone the National Economic 


the Open University ana several 

other bodies have produced a lit- 
any of studies with similar 
results; the sectors surveyed 
include TVs, washing machines, 
office furniture, electronic busi- 
ness equipment, medical Instru- 
ments, domestic beating, plastic 
products, and various types of 
machinery. 

It is precisely because Japan 
has mastered the art of combin- 
ing reasonable prices with con- 
siderable “differentiation” - extra 
quality, additional features, and 
so on - that many Japanese order 
books are already recovering 
from the soaring yen. This puts 
non-price factors increasingly at 
a premium for other countries, 
even for companies that have 
always traded purely on price. 

The current acceleration of 
this trend explains why a study 
on ’strategic marketing” by 
Insead, the European business 
school near Paris ”, has just 
found that most senior execu- 
tives in a sample of 128 leading 
European companies rank qual- 
ity of products and services os 
their prime strategic concern for 
the IgXte. 

The Insead results could be 
read as implying that Europe as 
a whole - including its quality 
laggards - is at last starting to 
chase the Germans, Swedes and 
Japanese in the quest for non- 
price differentiation. But 
research from SPRU and else- 
where sounds a cautionary warn- 
ing. It suggests that.in sectors 
such as cars, portable power 
tools and machine tools, the Jap- 
anese are offering high quality at 
medium prices, while the Ger- 
mans are specialising In high 
quality at high prices. The Brit- 
ish are providing only medium- 
to-low quality, yet are trying to 
charge medium prices. 

A generalisation, to be sure, 
with honourable exceptions. But 
such a strategy is becoming even 
less sustainable than it used to 
be. In every product market, the 
name of the game these days 
must be good design and high 
quality at a reasonable price. 
Nothing less will do. 

• Details from Jean-Claude 
Larreche, Insead, Boulevard de 
Constance, F-77S05 Fontaine- 
bleau, France. 


From, the Chief Executive, 
Metal Bulletin ■ 

Sir, Clive Wolman’s two 
reports (November 23) on 
aspects of the trouhledpath to 
implementation of the Financial 
Services Act are timely. How- 
ever, by broadly suggesting that 
the outstanding problems are 
to do with securing the desired 
degree of investor protection, he 
may be blinding your readers to 
the existence of problems on the 
other side of the coin - ie, dam-; 
aging over-regulation. 

As an example of this, I cite a 
matter we have been raising 
with MPs, the Minister for Con- 
sumer Affaire, the SIB and, 
through <*ur trade association, 
with the DTI for some five 
months, so far without practical 
answer - and often without evi- 
dence that our message has even 
been understood. • 

This concerns financial ser- 


Letters to the Editor 



Such advertisements are now 
placed with a view to reaching a 
worldwide audience by 
of services who are based over- 
seas and have no interest in 
being authorised in the UK. 
However, the UK-based pub- 
lisher is enjoined by the Act. 
from carrying .any advertising' 
material offering fin a nci a l ser^ 
vices unless it is authorised- The 
Act, which seems blissfully 
unaware of the globalisation of 
markets in financial Instru- 
ments, assumes that all such 
advertisers will themselves be 
authorised. But - in the cfrcam- 
stances described above - they 
will not be. 

We can see only one effect of a 
rigid app&cation of the terras of 
the Act. Such advertising will be 1 
driven out of the UK-based inter- 
national publishing sector, and 
handed on a plate to publishers 
based elsewhere in the world. 

It may be that at this very 
moment the SIB rules on finan- 
cial advertising (which will be 
ready “soon”) are being drafted 
to take account of this particular 
point, but we have, thus far, 
absolutely no reason to expect 
this. More to the point for most 
of your readers, there are so 
many other ways- in which the 
Act, and its interpretation, seem 
headed for an Alice in Wonder- 
land result. Aunt Agatha may 


Giffen Good 


From Mr RA. Parker. 


every ope of qs has to five in a 
bungalow, die may find the 
price of suqfa protection too hjgfa- 
And, in line with Barry Rider's 
remarks on financial fraudsters, 
none of this wfll stop her being 
nmgged in the street. 

I am really concerned that too 
many people In financial ser- 
vices nave simply not yet 
thought through the full reach 
and impact of all these develop- 
ments - especially when they are 
viewed from an international 

standpoint. 

TJ. 'Airing, 

Park Terrace, 

Worcester Park, Surrey 


California sets 
an example 

From The Director cf the Asso- 
ciation for the Conservation of 


Sir, I am most encouraged that 
Cecil Parkinson, the Energy Sec- 
retary, should choose to die Cal£- 
fomia as an example our priva- 
tised electricity industry would 
follow (November 18). 

The Instance he gives is the 
proportion of power from partic- 
ular sources which a private 
electricity company is required 
by law to generate. In Britain it 
apparently to be 20 per cent to 
cent from one source 


per cent from the range of 

renewable energy sources. 


But perhaps another lesson 
orth {Drawing from California is 


that, before any electricity com- 
pany engages upon an invest- 
ment project nice a powre Sta- 
tion, it Is required to 
demonstrate that it n 
ered all alternatives, including 
load management and energy 

conservation; and that the proj- 
ect proposed is the least cost 
option available. Such exercises 
are now mandatory in approach- 
ing half the States in the Union, 


in order to ensure that invest - j 
meat plans are in the best inter- J 
eat of both utility and customer. 
Andrew Warren, 

Association for the Cp ns er v a- 


9 Sherlock Mews, W1 


Nuclear balance 
in accowntiiig 

From Mr Paid. A. Hendrick. 

Sir, Mr Miller, chairman of the 
South of Scotland Electricity 
Board, asserts (November 18) 
that his nuclear power stations 
are cheapo 1 to run than Ms large 
efficient coal grad stations. 

This claim can only be made 
in the context of the warped 
Accounting policies applied by 
the electricity industry which 
effectively treat original capital 
cost as "sunk cost,” and foil prop- 
erty to reflect this cost in their 
income statements by way of 
depreciation and financing 
charges. More crucially still, 
those Income statements foil to 
make any provision for the huge 
coat of deoonuBiBsfoning nuclear 
power stations at the end of 
their useful lives. 

It is significant that it is In 
countries such as France, where 
this wazped accounting is devel- 
oped to a fine art form, that the 
nuclear power industry flour- 
ishes. By contrast, in the US. 
where generally accepted) 
accounting principles are applied' 
and where the nuclear power 
industry is not insulated from 
market forces, there has been no 
new investment in nuclear 
power stations for over a decade; 
and* many existing stations are 
mothballed. 

All this was, of course, Implic- 
itly accepted by Mr Miller’s polit- 
ical Mr Cedi Parkinson, 

who, speaking at the same con- 
ference, said that the high cost 
and low returns of nuclear 
power stations made them unat- 
tractive' to private investors. 
Why investment from public 
funds should have a lower 
required rate of return than that 
from private investors this 


guardian of the p ur ee <tid 
not make dear. 

Instead, Mr Paridaaon resorted 
to vague references to the need 
to maintain diversity of supply. 
Are we now to take it that the 
sole remaining justification for 
massive investment in nuclear 
power is the avoidance of indus- 
trial relations problems with Mr 
Scanzill? 

PsSfA. Hendrick, 

14 Park Crescent, N9 


Electricity price 
plans canse concent 

From Ur DJI. Davidson. 

Sir, The Director General pf 
the CBI has usefully focussed 
concern over the government’s 
plans for electricity prices. These 
look as if they owe more to the 
last Labour amninistration's 1978 
White Paper on the Nationalised 
Industries, and to the desire to 
maximise receipts to the Exche- 
quer in the short term, than 
pjth<y to practical business con- 
siderations or the statutes. The 
latter require so more than that 
the Electricity Boar d s should at 
least break feven. 

While the White Paper can be 
used ip argue for higher rates of 
return, it is difficult to square 
this with long accepted marginal 
pricing principles. The demand, 
for higher profitabffity pays little 
regard to consumers’ interests, 
and manufacturing industry is 
particularly disadvantaged 
because of the “no undue dis- 
crimination' requirement in the 
legislation. Whue admirable in 
theory, this does not apply to 
and constrains the Board's 
to compete. 

stry needs to be able to 
buy electricity on terms 


of the service Involved, compara- 
bility with other European coun- 
tries, and the low-risk nature of 
the business. The idea that the 
consumer should pay twice for 
new investment, once in 
advance through increased 
prices and again later, through 
depreciation charges, seems 
questionable. Decisions on major 
new generation investment are 
rapidly becoming overdue; there 
is no room for delay either, 
because of aa uncommercial pri- 
cing policy or the complexities of 
privatisation. . 

OR Davidson, 

Power Plant Contractors’ Asso- 
ciation, 

Artillery Bous e, 

Artillery Row, SW1 ■ 


WF 


,'Wjt'v t vX'*^ 

• *'■' ■ 
*•> V***-*;. . • 

•* : v - 


WSk 

. .-V-rr ■? ‘ : 

. j*;; 


a necessity | Beaujolais Nouveau compared 


SfSt? 


Sir, 1 was 
somewhat dlf 


>rised at the 
ive tone with 


which your Observer column 
reported the award of a large 
grant to answer the question 
"What is a luxury?” 

Perhaps some of your own 
contributors should read a copy 
of the finding! - especially the 
author of the DunfatU Holdings 
analysis (November 19), who 
described a £142 Mont Blanc 
fountain pen as “a mime exam- 
ple of a Giffen Good/ 


The term ‘Giffen Good is nor- 
mally used to describe a basic 
necessity which takes up a such 
a large proportion of a consum- 
er's income that when its price 
rises, demand rises, as the con- 
sumer cannot afford to purchase 
anything else • for . example, 
|whifavii Aging the Irish fam- 
ine. 

Mont Blanc pens and ■other 
articles of ostentation are known 
as Veblen Goods. 

Richard Parker, . 

Frobisher Orescent, ECS 


From Mr Simon BronJchursL 
Sir, Following your report on 
Beaujolais Nouveau, is it not 
riini) that real wine enthusiasts 
made their opinions known? 


order? 

fe ft art a fort that the French 
have hit upon a method of sell- 
ing over-production of a compar- 
atively indifferent wine to a gull- 
ible piddle? 

Compare, for instance, Beaujo* 


lals Nouveau with, say, an anti- 
Xiaiy Bulgarian red: the latter is 
without doubt far more accept- 
able. And one could go on to ate 
other equally obvlois examples. 

J exclude, of course, the named 
wines of Beaqjotais such as Mor- 
gan and. fleiirfe - but then one Is 
not expected to join in a chase to 
get them to the UK from 
in a matter of hours. 

Simon Bronkhnrst, 

Old Timbers, 

The Pound, 

Cookham, Ber kshir e 1 ■ , 



£ 


N’T 


RK 


EE 


St*:' 

.vxf. 


And for businesswomen vwno 
aren’t just married to their work 
we offer exactly the same thing. 

Because travelling abroad 
continually can put a great strain 
on a relationship. 

EVEN 

Another hip to Dubai, then 
another and another... 

But now Emirates have put 
you in a position to say “Ybu’re 
coming with me." 

And to think all you have to 

TIME 

do Is to buy one first or business 
class return ticket to Dubai, from 
London. 

Once you've taken that trip 
you get a free transferable econ- 
omy ticket to use on your next. 

FLIES 

A return ticket that's valid 
fprtweive months. 

So, thanks to Emirates (and 
.Dubai's excellent position as 
far as connecting flights, are 
concerned - a stepping stone 

ON 

to India and the Maldives for 
example) it looks as though a 
business trip is about to turn into 
an unexpected holiday for two. 

Phone 01-930 5356 or con- 
tact your local travel agent 

Emirates 

125 PALL MALL, LONDON SWl 















WINCANTON CONTRACTS 

CAfl CONTRACT HIRE 


FINANCIAL TIMES 


CONTRACTHWC- 


A little more drive, a lot more service 

01-993 7611 


Monday 30 November 1987 


Janet Bush on 
Wall Street 


Refuge in 
cautious 


selectivity 


has kept the economy growing at 
a healthy dip so ter this year, 
would soon hand over the baton 
to export-orientated manufactur- 
ing companies, which were at 


last responding strongly to the 
sham depreciation in tne dollar. 
Initial analysis of the post- 


initial analysis of the post- 
crash environment - patchy and 
tentative as it is - serves to 
underscore this line of thinking. 
Data on the state of retail sales 
in the run-up to Christmas is 
anecdotal at best and official fig- 
ures for post-crash consumption 
are not yet available. Uncer- 
tainty about the impact of the 
crash is keeping consumer, lei- 
sure and luxury stocks on the 
defensive. 

In contrast recent data, includ- 
ing third, quarter GNP which 
was revised significantly 
upwards, coupled with Octobers 
healthy increase in non-defence 
capital goods orders, have pro- 
vided evidence of healthy 
growth in the manufacturing 
sector. 

A simple analysis of share 
price movements during the 
crash and afterwards tells this 
story as clearly as anything else. 

Sears, Roebuck, the leading US 
retailer, has recouped little of its 
27 per cent fall in value during 
the October collapse. After tum- 
bling hrom a high 552% to a low 
of $26 in October, the share has 
managed only a modest recovery 
to $33% by last Friday. 

A similar picture can be drawn 
in those sectors associated with 
the spending of more affluent 
sectors of society, which theoret- 
ically should be affected most by 
stock portfolio losses. 

A case in point is Outboard 
Marine, a leading manufacturer 
of outboard motors for speed 
boats for the young and 


upwardly mobile. Its share price 
stood at a high of $37% in Octo- 


stbod at a high of $37% in Octo- 
ber, but plununetted to only 
$17% as luxury retreated in the 
face of potential economic 
calamity. Since the dark days of 
October, Outboard Marine’s 


share price has recouped a paltry 
$%, a poor recovery in compari- 
son with less glamorous indus- 
trial stocks. 

Now take manufacturing. 
Bethlehem Steel has recouped 
more than half of its loss during 
October. This 50 per cent retrace- 
ment is common to many heavy 
industrial stocks which were 
very hard hit by the selling as 
investors and institutions placed 
their bets on an imminent reces- 
sion. 

Another example is Caterpil- 
lar, manufacturer of diesel 
engines and earth-moving equip- 
ment. Its shares plummetted 

from a high of 473% in October 
to a km of $41%. By the close on 
Friday, its shares stood at nearly 
$60. 


These price movements sug- 

r t there is a view that the US 
not heading for an all-out 
recession and that the panic sell- 
ing of industrial stocks in Octo- ! 
ber was an over-reaction. There j 
is little doubt that pockets of : 
industrial America, so badly hit 
by the overvaluation of the dol- 
• Lar during -the early 1980s, are 


fighting back. 

■ The- cost-cutting and redun- 1 
danries have created leaner, fit- 
ter companies well placed to cap- 
italise on the competitive ; 
advantage afforded by the dollar. 

There are, however, some com- 
panies which did not so much 
slim down as become anorexic. 
Some of these face serious capac- 
ity constraints which are now 
being reflected in a marked 
recovery in capital investment 

The ability of these companies 
to regain lost pounds and so cope 
with strong demand may hold 
the key to price recoveries 
towards pre-October levels. 


US confident of progress 


at summit on arms cuts 


BY LIONEL BARBER IN WASHINGTON 


WALL STREET may be heading 
for 2,000 again. On the other 
hand, it could test 1,800 before 


THE US expects to make major 
progress at the Washington sum- 
mit on a treaty cutting the 
superpowers' strategic offensive 


spring next year. 


long. No-one is prepared to bet 
either way. Nevertheless, there is 


weapons by 60 per cent, Mr 
George Shultz, the US Secretary 


either way. Nevertheless, there is 
no shortage of advice emerging 
from Wall Street firms - bettered 
but not visibly bowed - in whose 
interest it is to foster the notion 
that corporate America can still 
offer attractive returns. 

What now runs through circu- 
larised recommendations, how- 
ever, are exhortations to caution 
and selectivity. Salomon 
Brothers provides its clients with 
25 potential buys for the "aggres- 
sive investor" and 31 for the 
"conservative investor." Salo- 
mon, which counts itself in the 
category of those who expect a 
period of post-crash consolida- 
tion rather than a full-scale 
recovery, bases its choices on a 
highly- technical analysis of 
money flowa 

Its very particular methodol- 
ogy comes up with stocks which 
cut across a varied selection of 
sectors. The recommended 
stories, for both the conservative 
and the aggressive investor, 
range from United States Surgi- 
cal, a manufacturer of surgical 
stapling devices, through to 
Helene Curtis Industries, speci- 
alising in beauty treatments and 
hair care, to Exxon, the largest 
oil company in the world. 

Nevertheless, amid this Cathol- 
icism, there is a fair smattering 
of traditional manufacturing 
companies, tipped to perform the 
locomotive function for the US 
economy as the mighty US con- 
sumer loses steam. 

Even before the collapse in 
share values in late October, 
there had been an assumption 
that consumer spending, which 


George Shultz, the US Secretary 
I of State, said yesterday. 

Mr Shultz said President 
Reagan would negotiate person- 
ally with the Soviet leader Mr 
Gorbachev, building on their 
tentative agreement at Reykjavik 
Last year to reduce the number 
of strategic warheads to 6,000 on 
each side. 

The outline deal at Reykjavik 
collapsed over Soviet demands to 
curb President Reagan’s Strate- 


gic Defence Initiative (SDR the 
space- based defence shield 
against offensive missiles. In the 
run up to the summit, however, 
there are persistent reports in 
Washington that the Reagan 
Administration may be prepared 
to be flexible on SDI in order to 
secure a strategic missile pact by 


son's SDI office have concluded 
that revised Soviet demands for 
curbs on SDI would barely inter- 
fere with testing of SDI technol- 
ogy between now and 1995. 

The report said Admiral Wi- 
liam Crowe, the chairman of the 
Joint Chiefs of State, believed lx 
may be possible to negotiate 
with the soviets on SDI without 
fatally compromising the SDI 
research sjkI testing programme. 

President Reagan, in his 
weekly radio address an Satur- 
day, repeated that SDI was not a 
"bargaining chip* in arms con- 
trols negotiations. Mr Shultz, 
interviewed on CBS television 
yesterday, said the US was not 
prepared to make a compromise 
on SDI or on the 1972 ABM treaty 
which governs testing and devel- 
opment of missile defence 


systems. 

But Mr Shultz hinted that the 
Administration might strike a 
deal if it was clear that the 
Soviet curbs did not undermine 
the programme. "We will never 
compromise our ability to learn 
how to defend you against ballis- 
tic missiles and to deploy those 
defences if we can find them," 
he said. 

Observers note that the 
Reagan Administration has, 
under pressure from Congress, 
just agreed to de facto restric- 
tions on SDI under the 1988 
Defence Authorisation Bill. This 
effectively limits SDI testing to 
what Is permitted undo- a strict 
interpretation of the ABM 
Treaty. 

President Reagan’s conserva- 
tive supporters believe that SDI 
is a touchstone of the Reagan 
presidency, and are alarmed 
about the p rospect of any US 
concessions. 






Najibullah: Little i 


Najibullah 
speech 
punctuated 
by rockets 


France and ban take steps to 
break diplomatic deadlock 


BY PAUL BETTS M PARS 


FRANCE and Iran appear to 
have made significant progress 
at the weekend in resolving their 
diplomatic deadlock, which 
could eventually lead to the nor- 
malisation of relations bet w ee n 
the two countries. 

Concrete signs of a break- 
through emerged last night 
when Mr WahkT Gordji, believed 
to be the number two at the Ira- 
nian embassy in Paris, finally 
agreed to be questioned by a 

French magistrate on the terror- 
ist bombings which shook the 
French capital in 1986 and 1988. 

Mr Gordji left the Iranian 
embassy, where he took refuge 
five months ago, for questioning 
last night by the French magis- 
trate investigating the bombings. 
He was allowed to leave French 
territory after his appearance 
before the maglstrate.He was 
flown out of Paris on an execu- 
tive jet. 

The surprise development 
came barely a few hours after 


rite return to France of Mr Jean- 
Louis Normandin and Mr Roger 
Auque, two French h ostages who 
had been held in the Lebanon by 
The Revolutionary Justice 
Organisation, an underground 
group of Islamic fundamental- 

The group said on Friday It 
had decided to r el ease the two 
men in response to positive ges- 
tures by the Chirac Government. 

France broke off diplomatic 
relations with Iran this summer 
when Tehran refused to let Mr 
Gordji be questioned by the 
French magistrate, claiming he 
was covered by diplomatic 
immunity. This led to the 
so-called “war of the embassies" 
between Paris and Tehran, with 
the French authorities blockad- 
ing the Iranian embassy in Paris. 
Iran, in retaliation, did the same 
with the French embaray in Teh- 
ran. 

The blockade of the embassies 
could now be lifted fallowing Mr. 


Gordji's agreement to appear 
before the Paris magistrate last 
night. 

The magistrate wanted to 
question Mr Gordji as a key wit- 
ness in his investigations of the! 


terrorist bombings. Although, 
officially only a translator, Mr 
Gordji was suspected to have had 
had links with the Islamic terror-' 
ists responsible for the Paris 
bombings. 

The release of the two French 
hostages and Mr Gordji’s appear- 
ance before the magistrate last 
night suggests that France and 
Iran have made considerable 
progress in negotiating a diplo- 
matic solution to try to normal- 
ise relations between the two 
countries. 

However, Mr Jacques Chirac, 
the French Prime Minister, 
denied a report in the French 
newspaper, Le Monde, that 
France had agreed to pay a ran- 
som to the kidnappers of the two 
hostages. 


OECD funding threatened 


BY IAN DAVESSON IN PARIS 


THE ORGANISATION for Eco- 
nomic. Co-operation and Develop- 
ment, the industrial countries’ 
leading economic policy institu- 
tion, could run out of cash next 
month as a result of US budget 
difficulties. 

Under procedures adopted by 
the Reagan Administration, US 
contributions to calendar-year 
budgets of International organi- 
sations are paid out of US bud- 
gets for the following fiscal year. 

Since the US is committed to 
provide 26 per cent of the 
OECD’s FFr900m (*160m) bud- 


get, this means that the oroudsa-. 
tion depends an the US for its 


tLan depends on the US for its 
income in October, November 
and December of each year. 

On«* consequence of the pro- 
longed budget-cutting arguments 
in Washington, however, is that 
the US does not have an agreed 
budget for the fiscal year 1988. 
Disbursements continue to be 
made under continuing resolu- 
tions of Congress, but US pay- 
ments to the OECD are well to 


still bring the US only up to 
about one-third of its total oiks. 


The latest continuing resolution 
runs out in mid-December. 

Since about 80 per cent of the 
OECD budget is for salaries, a 
continued US shortfall could jeo- 
pardise the December pay-checks 
of the 1.700 staff. 

A spokesman in the Secretary- 
General's office said: "We have a 
cash flow problem. We hope the 


The next payment is 
today or tomorrow, but 


Americans will come through. I 
think the Secretary General will 


think the Secretary 
do everything neces 
commitments to the 


to meet! 


SAS revises draft BCal offer 


BY CLAY HARRIS IN LONDON 


SCANDINAVIAN Airlines Sys- 
tem is revising its draft partial 
offer for British Caledonian 
Group to underline its conten- 
tion that the UK airline would 
remain British-controlled even if 
SAS took a 40 per cent stake. 

The Scandinavian airline will 
tell Britain’s Civil Aviation 
Authority that it plans to 
appoint only one non-executive 
director to the BCal board, which 
is expected to have nine or ten 
members. SAS originally wanted 
three representatives. 

SAS has not yet formally 
launched a rival rescue plan far 
BCal, which faces a full bid from 


British Airways worth &153m 
($275m) in shares or Si 19m in 
cash. However, its unofficial pro- 
posals value the unquoted com- 


posals value tne unquoted com- 
pany at more than SSOQm, closer 
to the price on which Sir Adam 


to the price on which Sir Adam 
Thomson, BCal chairman, has 
insisted. 

BCal's continued designation 
as a UK airline fs a more critical 
Issue than whether an SAS offer 
is referred to the Monopolies and 
Mergers Commission, as 
demanded last week by BA but 
opposed by BCaL 

SAS and BCal are confident 
that the proposals raise no com- 
petition issues since the two air- 


lines combined carry fewer than 
half as many passengers as BA. 

Moreover, the Scandinavians 
are believed to be willing to wait 
out a monopolies inquiry, which 
should not be lengthy since it is 
less than a month since the Com- 
mission completed a study of 
BCaL This allowed BA to proceed 
■ with a.md after it secretly prom- 
ised certain concessions. 

A BCal stripped of its UK sta- 
tus, however, would hold no 
attraction for SAS. 


Although SAS will consider 
during ns target s h ar eh olding 


reducing its target shareholding 
in BCal, it is unlikely to be wfi] 
ing to take less than 90 per cent 


Najibullah, who was Is 
Moscow earlier this mouth 
and had talks with KrezaUa 
leader Mr Mikhail Gorbachev, , 
replaced former President I 
•ad FDPA leader Mr Babrak I 


Karuud, installed In power in 
the wake of the Soviet inter- , 


Haiti cancels presidential elections 


itiqn, in May last year. 

Kr Kiarmai la now effee- 


Continued from Page 1 


military of turning a blind eye to 
the increasing violence, allowing 
roving bands of Duvalier sup- 
porters to create an atmosphere 
of instability, which threatened 
the elections. In many cases, 
they claimed, members of the 
army also participated in the 
attacks. 

The army recently refused to 
allow helicopters to take voting 
equipment and ballot papers to 


equipment and Dauot papers to 
some rural areas, while denying 
protection to several thousand 


protection to several thousand 
people who were forced to leave 
their homes in the capital to 
escape the violence. 


"Many have been suggesting 
that a coup would take place just 
before or just after the elections 
here," said one diplomat in Port- 
au-Prince yester day . 

"By sitting back and allowing 
the violence to escalate, the 
army has allowed the situation 
to become untenable. This is, in 
fact, a coup by the army and a 
victory for the anarchists. Who 
will now dare to even start pre- 
paring for another election?" 

The cancellation of the elec- 
tions poses a problem for the US 
which had rejected frequent 
appeals to put pressure on the 


interim military Government to 
create an atmosphere of stabil- 
ity. 


Diplomats said yesterday that 
Washington which has been giv- 
ing the military Government 
economic and military assis- 
tance. would now have to recon- 
sider its attitude to developments 
in Haiti. 


tfvely disgraced, apparently , 
In part because be failed to . 
prevent continued feuding ' 
between rival factions of the I 
PDPA. 1 

Diplomats in Kabul say 1 
Soviet troops, who G o rba c h ev , 
baa said he wants to with- 
draw if the West stops back- 
ing the insurgents, have 
increasingly taken over secu- 
rity duties In the cap i tal from 
the Afghan Amy in recent 


Mr George Shultz, US Secre- 
tary of State, yesterday blamed 
supporters of the ousted Duvaher 


Najibullah launched Ida ree» 

OBdUttlOB M iwfig n |n J »wy_ 

aiy this year. But dlptomatt 
In Kabul Say it appears to 
have achieved little success 


dictatorship for the violence that l n * ve achieved little success 

SS? ■** l» WS 1 " 


World Weather 


Dollar may hit new lows 


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Continued from Page 1 

until the budget package is 
implemented. 

The main reaaon for lack 
of confidence In the ITS cur- 
rency has been the almost 
Universal rejection of the 
de f i c i t package by markets 
at home and abroad. 

Congress today starts 
nailing down details of the 
two-year S76bn budget defi- 
cit red u cti on package nego- 
tiated with the White 
Bouse. 

Moat commentator! 
oapect Congress to reach 
agreement on a package 
which would avoid some 
e»bn of across-the-board 


cuts mandated by the 
Grajum-Sndman budget 
reform law. 

, The dollar’s vulnersMlfty 
is underscoring growing 


fears about upward pres- 
sure on US Inflation follow- 
ing the Administration’s 
emergency loosening of 
monetary policy In late 
October and Intensified roup 
cern that foreign investors 
are again losing confidence 
In doUardexunmnated secu- 
rities. While the US Trea- 
sury bind market declined 
sharply last week, bond 
prices in West Germany and 
Britain performed quite 
welL 


021-6324222 


THE LEX COLUMN 


Tricky times 


for Opec 


MOSLEM or FKPP n.T.AS pene- 
trated a tight security ring 
around Kabul yesterday to 


rocket Afj ghew iinisi as 
Soviet-backed leader ftajjbal- 
lah was condemning reb- 
els at a national assembly, 
Beuter reports flrau Kabul. 

One of four rockets 
smashed Into the grounds of 
Kabul Polytechnic, whdre a 
grand national assembly or 
Loym Jirgah was being held. 
The explosion shook the con- 
ference ball and dro w n e d the 
words of Najibullah as ho 
opened the meeting. 

Afghan sources said two of 
the rockets Ht waste ground 
about two kilometres from 
the polytechnic. The fourth 
was farther away to the east. 
No one was hurt, the s o u r ce s 
said. 

The four blasts, at two-mln- 
ate Intervals, coiild be heard 
clearly inside the co n ference 
hall, causing delegates to 
shift uneasily In their seats 
but falling to break NajUral- 
lab’s flow. 

The diplom ats p*** mis- 
siles could have been fired 
from up to 10 kilometres 
away, possibly with pre-set 
timers to allow the guerrillas 
to withdraw undetect e d. 

Immediately after the 
attack, Afghan security 
forces set np road Mocks all 
over Kabul while Soviet 
armoured personnel carriers 
mounted with machine guns 
roared through the streets. 

The Jirgah had been- called 
to approve a new const i t uti on 
and apparently to confirm 
Najibullah, In effective power 
for some 16 months, as head 
of state. He is also leader of 
the ruling People’s Demo- 
cratic Party (PDPA). 

Foreign Journalists, flown 
to Kabul from Moscow on 
Thursday to attend, heard the 
throb of aircraft engines and 
saw Soviet-built Antonov-M i 
aircraft overhead, apparently 1 
trying to locate the sites fkom 
where the rocket* were fired. . 

Soviet troops were sent into 
Afghanistan In December ; 
1979 me the Muslim rebels | 
appeared c lose to overthrow- 
ing a left-wing regime then 
near collapse as' a result of 
Moody infighting within the 
PDPA. 

The Insurgents have main- 
tained their reaietuce 
against a farce estimated in 
the West to total some 
115JW0 Soviet troops and in 
the past few months have 
apparently gained confidence 


Students of Opec are familiar 
with the oil price dilemma, 
whereby each member of the 
cartel tries to improve its lot by 

cheating and everyone ends up 
worse off. For most of this year 
members have’ abandoned this 
self-defeating dishonesty in 
favour of joint action, ana tho. 
dilemma has not arisen. But with 
the gruesome memory of sub $10 
oil receding, and with the tell in 
the value of the dollar leaving 
even the strongest members 
needing mom revenue, it could 
be malting a comeback. 

Unless Opec confronts some 
home truths at -next week’s 
meeting, it may find it has 
another oil price crisis on its 
hands. The agreement has 
proved amazingly robust since it 
was cobbled together under such 
duress a year ago, but is now in 
shreds. Members are over-produ- 
cing by b/d, wiling 

prices nave been cast aside, an2 
Iran, far one, is so keen to sell its 
oil that it is offering discounts erf 
up to $2. Last week the ugly 
spectacle of Iran and Iraq 
viciously undercutting each 
other to win Japanese custom 
was proof of the extent of the 
problem. 

The other side of the equation 
is looking equally precarious. 
Over production since the sum- 
mer has meant that stocks are 
too high for the time of year, 
and running then down could 
mean a fall u demand early next 
year to 3m b/d leas than p r esent 
output. Longer term, the possi- 
bility of recession means that 
growth in oQ demand of 1 per 
cent could be the most to be 
hoped for. 

On price and production there 
is even less consensus among 
members than usuaL The price 
rise to $20 that is being sought 
by about half the cartel to com- 
pensate for the tell in the dollar 
seems hardy worth discussing, 
given Opec's apparent inability 
to defend the present level of 
$18. The setting of new quotas 
will not be achieved without a 


Oil Price 

N.Saa Brant Bland Crude 

SpwbMm fiORSpwbmti 

21 ESS8K? 



dini suggests that Femnzf s own 
near-loT per cent gearing com- 
bined with the harsher climate 
for equity issues might flow 
make Montedison disposals 
advisable for Ferruzzi’i sake. 
And now that It is nursing a 
$700m loss on lu 40 per cant 
Montedison stake, Ferruzzi may 
have developed a less respectful 
attitude to Mr Schimbeml’s 
long-term strategy. 


Apr 1987 
t»: RU— u Su— 


era know anything, they know 
that Opec’s second largest export 
is in surprises, and anyone who 
sold oil before the last three 
Opec meetings must remember 
what an unwise strategy that 
turned out to be. 


If the Ferruzzi stake were to 
rise above SO per cent, all sorta 
of new financial possibilities 
would open up • not all of them 
to the advantage of Montedison 
minority shareholders. But a 
refocusing of Montedison on ks 
chemical base would do no harm 
to earnings in the medium-term. 
The trouble is that such a shift 


now looks incompatible with a 
continuing role for Mr Schim- 
berni himself, who has proved 
an excellent manager, and Mr 
Gardini is not noticeably sur- 
rounded by able lieutenants. 


Montedison 


Untangling the boardroom 
manoeuvres of corporate Italy is 
like trying to pick up a soap 
opera plot half-way through the 
series. But assuming that Mr 
Rani Gardini, chairman of Fer- 
ruzzi, su ccee ds in ousting Mr 
Mario Schimbemi from the 
chairmanship of Montedison, It 
will at least mean a reversion to 


Luxury cars 

Among the biggest casualties 
of the world crash In equities 
have been Europe's car manufac- 
turers. The shares of Porsche 
and Jaguar are trading at less 
than half their end-Septernber 
level, and Volvo’s share price fell 


Institutions. 




particular. 


familiar Dynasty themes. For 
good or ill, Mr Schimbemi had 
become a symbolic champion of 
version of the 


dumped their -stock on the mar- 
ket. Fears about the impact on 


export earnings of a sharp fall in 
the dollar and the prospects of a 
.slowdown in US. economic 
growth have taken a heavy toll 
on luxury car makers’ share 

prices. 

Volvo, which relies on the US 
for 40 per cent of Us car sates 
and even more of group profits, 
has cushioned itself in the short 
term by selling dollars forward, 
and its performance has been 
helped by very buoyant tradi- 
tions In the world market for 
heavy trucks, where it is the sec- 
ond biggest producer. However, 
it Is bracing itself for a downturn 
in the US car market, and 1988 
earnings are expected to drop to 
perhaps SKrfLSon from the aver- 
age Skr 7J>bft over the last four 
years. 

But Volvo is better placed then 
>xnost of its rivals because it has 
•no net debt and, with liquid 
resources of over SKr 2lbn, 
should be able to increase its div- 
idend by 10 per cent plus next 
January. Indeed, a prospective 
multiple of around seven time* 
1988 earnings is considerably 
below the comparable ratings of 
the West German car makers. 
Nevertheless, the prospect of a 
fall of perhaps a fifth in Euro- 
pean car sales to the US in 1988 
has cast a long shadow overeven 
the most conservatively financed 
European manufacturers. 


Anglo-Saxon type of public com- 
pany-crwned fay a wide spread of 


shareholders and managed by 
salaried professionals. His 
removal at the hands of the 
son-in-law of Fexruzzf’s founder 
appears to signify an Italian 
reversion to type - the ascen- 
dancy of Mediobanca and the 
families. Were Fiat and Olivetti 
to enter the scene, the cast 
would be complete. 


violent skirmish, especially as 
the uncharacteristic accord 


the uncharacteristic accord 
between Iran and Saudi Arabia - 
which formed the basis of the 
p res en t agreement -is now lack- 
ing. Some members want the 
overall level to be maintained, 
others increased. Iraq demands 


Montedison shareholders, who 


have suffered cruelly over the 
past year, might , well benefit in 
the short term. T 


parity with Iran if it is to be 
included in the quota, while 


included in the quota, while 
most of the other members will 
be aiming at least to maintain 
recent production levels. The 
most likely outcome seems a 
week or so of high living and 
high tempers in Vienna followed 
by an "agreement" to roll over 
quotas and re-address the prob- 
lem next year. 

Faced with such an unpalat- 
able outcome the market's rela- 
tive calm over the last week 
seems odd. However, if oil trad- 


the short term. The uncertainty 
that has hung over the senior 
management ever since Ferruzzi 
took effective control six months 
ago will be cleared up. Mr Gar- 
dini Is also expected to move tes- 
ter on the disposals (probably 
fibres and pharmaceuticals), 
which now seem inevitable if 
Montedison is to bring gearing 
back below 100 per cent. How- 
ever, while Montedison’s expen- 
sive acquisition programme may 
have been over-ambitious, par- 
ticularly now that It can no lon- 
ger tap the equity market, -the 
Ferruzzi contingent on. the board 
can hardly disclaim responsibil- 
ity for all of it. Indeed, the sud- 
den change of heart by Mr Gar- 


after receiving supplies of 
Western and Chinese-made | 
rockets. 


Jardine Matheson Holdings Limited is pleased to announce that, 
with effect from 30th November 1987, the name of its London-based 
banking company, Matheson Trust Co Limited, is changing to: 


Matheson Bank Limited 


At the same time the bank is moving 
to more spacious accommodation at: 


130 Minories, London EC3N INS. 


Telephone: 01-5284000 
Telex: 8953378/9/0 Mandco 
Facsimile: 01-481 9519 (Groups-2 &3) 



Jardine Matheson Holdings Limited 

llncofporatad in Bermuda with limited liabffity) 




- s SL' 


f Rt 

■My 







times 

)pee 


TRACTOR-TTUULER SYSTEMS BO-HO 
FLATS CONTAINERS 


SERVING SHIPS. PORTS. INDUSTRY 


INTERNATIONAL BONDS 




Divergent views on rule changes in the Swiss bond market 


RESTRICTIVE or liberalising? 
Diametrically opposed views 
emerged on Friday from bankers 
in Switzerland after the 
announcement of changes in the 
rules affecting the foreign bond 
market’s main syndicate 

The announcement had been 
awaited with considerable 
excitement in Swiss banking 
quarters. It had been known' for 
some time that Credit Suisse had 
been pressing the other two 
main Swiss banks - Union Bank 
of Switzerland and Swiss Bank 
Corporation - for more flexibility 
in the syndicate rules. 

The prime mover, bankers sug- 
gested, was Mr Hans-Joeig Rud- 
Foff, deputy chairman of Credit 
Suisse First Boston and doyen of 
the Euromarkets, who became a 
general manager of Credit Suisse 
In Zurich early this year. He had 
been thought to have run into 
heavy opposition from the other 
two, particularly Union Rank of 
Switzerland. 

As It turned out, Thursday’s 
changes wane so ambiguous in 
implication that they gave rise 
both to protests that the 
so-called Big Three were conspir- 
ing to squeeze all their competi- 


tors out of the market, and also 
to expressions of glee that they 
were having to admit how far 
their position had been weak- 
ened. 

The main changes, effective 
from January are 
• More banks will be allowed 


king • Any memfier bank will be 
rf for allowed to lead manage an Issue 
» had within tine syndicate, subject to 
two the restriction that none of the 
Bank Big Three' has already led an 
Bank issue for the borrower, 
bflzty • Any member bank wfll be 
allowed to turn down a co-man- 
sug- agement position in an issue 
Rud- whose pricing it disagrees with, 
redit • Banks wall have more flex i- 
sn of bility over the “reallowance*, the 
me a portion of the commissions on a 
uisse bond they are allowed to pass on 
■ had to professional investors. This, 
into indirectly, gives them freedom to 
ither participate in the grey market 
ik of A key crucial omurion from 
the list of relaxations is the pro- 
lay’s hibition on members from par- 
ts in tknpating in any deals led by 
rise outsiders - a point seized upon 
the by the bankers on Friday who 
ispir- saw the changes as a disguised 
ipeti- means of enhancing the cartel- 


like c h ar a cter of the main symU-' 
cat e . 

Mr Maurice Dwelt, dhairman of 
Warburg Sodhic, one of the most 
active lead -managers of Swiss 
franc foreign bonds outride the 
main syndicate, said: “This is not 
a relaxation, this is a r etrog ra de 


such as Mr Dwek saw 


Top Swiss Franc Bookrunners 

10 aorta Mdku Oct H.1M7 


ESSEEB3 

GE3 


undermining the position of 
their nudn rivals. 

A number of bankers said they 
believed banks outride the main 
syndicates had been asked if 
they would like to defect to the 
Big Three 

So - taken to the logical exten- 
sion - banks snch as Handris- 
bank, the leader of the second 
largest syndicate, and also 
houses such as Citicorp and Sodi- 
tic that operate with ad hoc 
teams of underwriters, might 
find they were unable to put 
together an underwriting group. 

The new members would be 
offered the sweetener that they 
would not have to Join a bond 
issue they did not race. But this 
-was likely to be an empty pram- 










ise since in practice it would be 
impossible for them repeatedly 
to turn down deals. 

A further question was 
whether the foreign banks who 
are active as lead-managers 
might themselves be asked to 
join the big syndicate. The com- 
munique was, perhaps deliber- 
ately, ambiguous on whether it 
embraced the foreign banks. 
However, one banker said on Fri- 
day: “I have heard that some of 


the large, foreign -controlled 
banks have been unofficially 
'sounded out about whether they 
wish to Join* 

However, it seemed unlikely 
that they would choose to do so - 
and deprive themselves of the 
opportunity of getting mandates 
from borrowers who Had already 
issued through the Big Three - 
unless it became practically 
impossible to put together their 
own syndicate group. 


The foreign bank that seemed Bank of Switzei 
most likely to be approached by year, on the gn 
the main syndicate was Deutsche too aggressively 
Bank, since its Swiss subsidiary Asfurther t 
won in August the right to lead- weakening of 
manage an issue for its parent banker said thai 
company in which permanent syndicate memt 
members of the big syndicate cially, buying 1 
participated. An executive at aged by other s? 
Deutsche Bank (Suisse) was Mr Woolley, t 
unable to comment on Friday. other bankers. 

At the other end of spectrum only a few snu 
of Friday’s reactions, Mr Brian likely to apply 
Woolley, of Citicorp Investment syndicate. The* 
Bank in Zorich, saw the changes be banka with 
more as a reluctant acceptance portfolios whid 
Ire the Kg Three of the Inexora- bar supply of pr 
ble farces of competition at work had no ambitior 
on the Swiss market era. 

Mr Woolley focused on the lib- The relaxation 
eraUsation that allowed banks to &nce rules was 
opt out of issues they did not an admission t 
like. This, he said, would inevita- that they coul 
bly weaken the Big Three’s nego- away with sellii 
Mating position with borrowers - clients at unrea 
a major plank of which has been & because diem 
their near-infallible placing that lower pria 
power. quoted in the 9 


ment of the breaking of ranks 
among the big three. Credit 
Suisse, for instance, has already 
turned down a number of Union 


Bank of Switzerland's deals this 
year, on the grounds they were 
too aggressively priced. 

As further evidence of the 
weakening of the cartel, one 
banker said that some of the key 
syndicate members were, unoffi- 
cially, buying bonds lead-man- 
aged by other syndicate groups. 

Mr Woolley, and a number of 
other bankers, suggested that 
only a few smalleroanks were 
likely to apply to Join the big 
syndicate. These would probably 
be banka with large managed 
portfolios which wanted a regu- 
lar supply of primary paper, but 
had no ambitions as lead-manag- 
ers. 

The relaxation of the reallow- 
ance rules was seen by some as 
an admission by the big banks 
that they could no longer get 
away with selling paper to their 
clients at unrealistic prices. This 
is because clients are now aware 
that lower prices are frequently 
quoted in the screen-based grey 
market trading, introduced a 
couple of years ago by Citicorp 
ana Chemical Bank. 

Clare Pearson 


EUROCOMMERCIAL PAPER AND CREDITS 


Flight to quality accentuates formation of two-tier market in names 


THE COLLAPSE of share prices 
last month has left few of the 
world’s financial markets 
untouched. In the Eurocommer- 
cial paper market, it appears to 
have accentuated the market's 
segregation. 

There are, in fact, almost two 
markets: that in the paper of 
top-rated sovereign credits and 
that in notes issued by lesser cor- 
porate and banknames. 

The central banks’ attempts to 
prop up the US currency over 
the past month have left them 
seeking homes for dollar liquid- 
ity. Following the dive in US 
Treasury bill rates, yields on 
ECP - still pegged off interest 
rates In the interbank market - 
have looked very attractive to 
them. 

Central banka only, invest in 
top-rated sovereign names, such 


as that issued by French govern- 
ment agencies or Sweden. The 
move to high-quality paper 
pushed rates down to as much as 
35 basis points below Libid, 
although this margin has nar- 
rowed to 20 basis points or so 
mare recently. 

At the same time, central bank 
requirements for liquidity have 
meant they place a premium on 


which are looking to 


being able to trade the paper. So, 
a secondare market which, has 
been moribund since the last 
bout of dollar weakness eeriter 
in the year has come to life in 
the last month. 

Meanwhile, at the other end of 
the market, the share price drop 
has meant investors have 
become more waxy about where 
they place their funds. • 

•' : Buyers of low-ratad or unrated 
ECP are, therefore, more than 


pick up yield over Libor and 
have their own credit assessment* 
capabilities. This is a placement 
ana hald-to-maturity market - 
much as is the US domestic com- 
mercial paper market - where 
there is very little secondary 
market a cti v ity . 

This trend and the fact that 
there are now over 500 issuers 


wffl, surely increase the Impor- 
tance of ratings, even for those 
companies wfth a good name rec- 
ognition among investors. 

At the one end, the top-rated 
issuers are winning finer terms 
in a market that la actively 
traded; at the other, leaser names 
issue paper which is increasingly 
held to maturity by a sector of 
Investors which requires a yield 
pick-up of Libor. 

Nomura - International 


arranged two ECP programmes 
for Japanese names: one for two 
related borrowers - Yamaha 
Motors International Finance 
and Yamaha Motors Europe, 
with a Dai-lchi Kangyo Bank 
guarantee. Either can issue up to 
S200m as long as their combined 
borrowing does not exceed 
5200m. 

Marubeni International 
Finance has put in place a new 
5200m programme, guaranteed 
by its parent, which will run 
aide- by -side with an existing 
bank-guaranteed programme. 

Swiss Bank Corporation Inter- 
national arranged a 5300m ECP 
programme for the Gibraltar 
branch of Banco Hispmno 
Americano, the third largest 
bank in Spain, while Wartairg 
has arranged a 5260m pro- 
gramme far Tarmac. 


French companies continue 
their hyperactivity in the inter- 
national loans market: the latest 
is the food group, B8N. Credit 
Lyonnais is leading the group, 
which also comprises Banque 
Nationale de Paris, Banque Pari- 
bas and Sodete Generate. It has 
a five-year maturity, extendible 
to seven. 

Chase Investment Bank dis- 
closed terms for the S4G0m deal 
it has underwritten for Ssatchl 
■wJ Saatchf, the British adver- 
tising agency. It is a five-year 
transaction, with two tender 
panels. It carries a facility fee of 
6.25 basis points, an interest 
spread over Libor of 10 bade 
points, and a utilisation fee if 
more than half drawn of 2J> 
basis points. 

Manufacturers Hanover was 
mandated to arrange a 5100m 


multi-option facility for Lep 
Gnrep, a UK freight forwarding 
company. The five-year financ- 
ing, £75m of which will be com- 
mitted, carries a facility fee of 
126 basis points, a margin on. 
drawings of 20 baas points and a 
utilisation fee if more than half 
drawn of 5 basts points. 

A three-bank gro up was man- 
dated for a 1150m refinancing 
loan for Electrfcidade de For- 
tngsL The eight-year credit car- 


ries a margin of 15 basis points, 
in line with the utility’s most 
recent borrowings, and is bring 
put together by Credit Lyonnais. 
National Westminster Bank, ana 
Caixa Geral de Depositor. 

The 5200m floating-rate note 
facility being arranged for 
fiasco, the Canadian consumer 


products and services company, 
By Morgan Guaranty, was not so I 
much a sign of uncertain times 1 
in the international capital mar- 
kets, as we reported last week, as 1 
a way of avoiding Canadian 1 
withholding tax. 

Similar to earlier deals for | 
Moire®, the brewers, and Con- 1 
solids. ted Bathurst, the com- 
pany issues floating-rate notes . 
with a maturity of five years or 1 
more - allowing it to avoid with- 
holding tax. There is, though, an , 
option which allows the investor 1 
to put the notes back to the 
banks on every interest payment 
date. This gives the paper, from 
the investors' point of view, an 
uncanny resemblance to Euron- 
otes. 

Stephen Fidler , 


Banesto 
head quits 
over bank 
bid talks 

BY DAVID WHITE IN MADRID 

BANCO DE Bilbao post- 
poned its decision on a pub- 
lic bid for control of Banco 
Espanol de Credlto 
(Banesto) at the weekend 
after the resignation of the 
latter's vice-chairman and 
chief executive, Mr Jose 
Maria Lopez de Letona. 

Further talks were being 
held In an effort to reach an 
agreed plan for linking the 
two groups. Banco de Bil- 
bao, which ranks Just 
behind Banesto in terms of 
assets, had been preparing 
to announce a hostile bid on 
Saturday at the end of a 
week of unsuccessful nego- 
tiations. 

Mr Lopez de Letona, who 
was less than two weeks 
away from taking over as 
Banesto chairman, bad 
insisted on eqnality 
be tw ee n the two i**" 1 ” in 
the new financial group. 

Mr Mario Conde, a recent 
arrival on the Banesto 
board, who Is believed to be 
more amenable to a friendly 
solution, was immediately 
named vice-chairman. 

Mr Lopez de Letona, a for- 
mer Industry Minister and 
Bank of Spain governor, 
was brought into Banesto 
last year and took decisive 
steps to repair weaknesses 
in the group and launch a 
new image tor the highly 
conservative number two 
Spaniah ***"*• 


EUROMARKET TURNOVER flm) 
PtkmyUaOH 

Stnitfn Com FRN Otter 
USS 0.0 OS 274.0 BJMJB 

Pie* U OS 35.0 

Otter 666.0 63.1 y9l2 M9J 

Piee £960.4 L9 £747.6 705.4 

Secmhry IMS 

US 13,435.* 1,5323 10,51X8 344L4 

Pie* 21^1X0 £M&4 B,736S 649B3 

Otter 23,267.4 8814 X8335 20^48.9 

Pm 23,0133 14334 $3013 25066.9 


Cedel Endar Tsui 
US 11,903.4 2M86£ 38.089.6 

Pm 12,183.0 314633 43^463 

Otter 22 , 1633 20.9844 514483 

Pie* 22,273a 35,676M 57^9494 


Week la Mwmber 2b, 1987 Sourer: JUBD 



JBk a&Sj 


*:* 

‘ -vTA % 4 ■ . 






Co op Aktiengesellschaft 

(Incorporated in the Federal RapuMcof Gennany) 

International Offering of 

618,000 Ordinary Bearer Shares of DM 50 par value each 

Offer Price DM 160 per Share 


Swiss Bank Corporation International Limited 


EBC Amro Bank Unified 

Algernons Bank Nederland N.V. 

BaiWffkGeme i n wi rt ac haftAlcliB n g oi iB Ba c hnft 

Banque Paribas CapHal Ma rta te Umfted Ba 

BaysrischeLsndestaiticGkazentrato 

Citibank Ak&engesettschaft 

Credtt Suisse First Boston Limited 

Deutsche Gkti aen ka le-DstitscheKip i n muiMd banfc- 

DSL Bank Deutsche Stodkmge* 
undLandesrentsnbank 

GkozBntrateufKlBan k^ftaiwiBk JUschCTSpartBSsen 

Aktknjjwifiiclwft 

induatrtekre dBb ankAG-Oautschelnduatrlebank 


Dresdner Bank Aktiengesellschaft 


SchwreizerfschefBankverein (Deutschland) AG 


AMROHandelsbankAG 

Banque Bruxelles Lambert SJL 

BayerisctMHypothekafrundWfechsel-BankAkttengesatechaft 

BayeriacheV0reinsbankAktiengeseQ3chaft 

Credit Lyonnais 

CSFB-Effectenbank 

DG BANK Deutsche Genossenschaflsbanfc 

Georg HauckSSahn-Bankfers 
Kornmmidrtgeselischaftauf Aktien 


G te a ni raleifndBay AdM^gfrgjc hl>chenSpaflBsam Hamburgbchelandesbankta roa entra^ 

tndu at rtekre dtt hankAG^Oeutschelnduetriebank tstfiutoBancarfo San Paolo tfilbrlno 

Merck, Rncfc&Ca a MoMo r ooeL Solw&CaKbnifnandi t g o ao lfe cliaftaufAktlen 

Morgan Stanley International NorckieutschaLandesb»kGko 28 ntraie 

Retischel&Ca SaLOppenhelm)t&Cie 

Salomon Brothers MemattonalLbiiitBd SchweizaHscheB»«ge9e8schaft (Deutschland) Aktiengesellschaft 

Shearaon Lehman Brothers International SvenskaHandetebamhen Group 

Swiss Bank C o rp oi al km in te mal to nteHoIf^ Swiss Cantonafcanks 

Swiss VoBcsbank Union Bank of O wtlaartMid (Securities) Limitad 

HIAWafburg-Srinckmann,Wirb:&Ca £G. Warburg Securities 


New issue Thte announcement appears asarnafler of record only. 

Coop AktengeaetechafthaenDoonnecflonstti the coneunercoripenawe movement in the United fOr^dom. 


October, 1987 







28 


Financial Times Monday November 30 1987 


INTERNATIONAL CAPITAL MARKETS & COMPANIES 

Murdoch poised to buy 
more Fairfax assets 


David Owen reviews a Toronto dealer’s troubled courtships and broken engagements 


Wood Gundy still waiting at the altar 


IF the remarks made fay first Chi- 
cago president, Mr Richard Tho- 
mas, following a Windy City press 
conference this week prove well- 
founded, it will not be long before 
Wood Gundy, die bluest of Toron- 
to's blue chip investment dealers, 
finds out whether or not it has 
again been left at the altar by a pro- 
spective partner. 

If the five-month aid engagement 
is consummated, it seems certain 
that first Chicago will pay consid- 
erably less for its 35 per cent stake 
than the C$27 0m (US$207 m) origi- 
nally envisaged "We are trying to 
see if a revised transaction is in our 
interest," were Mr Thomas's words 
last week. 

The well-documented stock mar- 
ket crash of October 19-20 has obvi- 
ously taken the wind out of every 
investment dealer's sails, whether 
on Bay Street or elsewhere. What 
has singled Gundy out for special 
attention is a series of additional 
misfortunes which appear to bane 
left the firm all but becalmed. 

First, about 35 employees, includ- 
ing Mr Tim Miller, manager of the 


successful 42nd Street retail broker- 
age branch, left Gundy en mane 
to join Walwyn - a rival Toronto in- 
vestment dealer being groomed for 
stardom by Mr Gerald Fencer, fi- 
nancial Trustco chief executive. Mr 
Fencer, who recently moved Finan- 
cial TYustco to Tbronto from Cal- 
gary, completed a surprise C$35m 
takeover of Walwyn in June. 

Those departing initially de- 
scribed Gundy's reaction to the de- 
fection as gentlemanly. Bat the at 
mosphere turned sour when Gundy 
filed a C$355m lawsuit against Wat 

Wyn, (vwnpunMW And 

several former employees for at 
leged conspiracy and wrongful in- 
terference with the firm's economic 
Interests. 

In a recent statement of defence, 
four ex-Gundy officials said that 
they made the switch because they 
were denied the opportunity of pur- 
chasing a significant number of 
shares in the company and because 
the firm’s “lack of leadership” was 
undermining perfor- 

mance. 

Second, Gundy was hit hard by 


the recent BP privatisation issue, 
whose Canadian tranche it lead-ma- 
naged with participation by Mc- 
Leod Young Weir and Dominion 
Securities. While the firm was 
quick to announce that the wealthy 
Bronfman family, in the guise of 
the Great Lakes Group financial 
services company, had agreed to 
sub- underwrite the deal by essen- 
tially fandfag Gimdy thfi money to 
pay for the 515m shares which it 
committed to take, estimates of its 
associated capital losses, for which 
Gundy remains responsible, run as 
high as GS55m. 

In fact, subsequent sales of part- 
paid BP shares at levels well above 
the 70p Bank of England floor price 
mean that eventual losses will be 
substantially lower. There have 
been extensive sales in the market- 
place at prices up to 88p," according 
to Mr Edward King, Gundy vice 
rfmHmar i "Wood Gundy has not 
sold anything to the Bank of Eng- 
land." 

H the First Chicago deal does not 
go ahead as contemplated, it will be 
the third in 18 that dis- 


cussions involving Gundy’s future 
ownership have fallen through. 

Royal Bank of Canada, the coun- 
try’s largest chartered bank, be- 
came involved in lengthy talks with 
Gundy, earlier this year, only to 
withdraw days before the first 
stage of Canada’s financial services 
dpnpgniaHnw cleared the way for 
banks to enter the ewu r ii ri ea busi- 
ness on June 30. He Royal is now 
said to he dose to striking & deal 
with Dominion Securities. 

A year earlier, Gundy had ap- 
peared all set to merge with Gordon 

Capital, the brash, aggressive deal- 
er spearheaded by Mr Jimmy Con- 
nacher, a former Gundy employee, 
only for the dffd to founder at the 
elev en th hour for reasons which re- 
main obscure. 

With a large capital base of in- 
creasingly crucial i m p o rtan ce in the 
newly deregul at ed market place, it 
is generally accepted that Gundy, 
whose c u rre n t regulatory capital is 
said to stand “m excess of CffiOOm," 
would have to be prompt about find- 
ing a replacement for First (Thiragr) 


if a revised deal could not be 
worked out 

Perhaps surprisingly, few believe 
that the firm would have problems 
locating a new suitor - even though 
the terms it may be obliged to ac- 
oept might not be to Its Kiting. Since 
dmdrtssunwmdtng the first Chica- 
go deal began to surface. Gundy has 
received no shortage of telephone 
Miffo to inquire if the firm is back 
"in play,"Mr King said. 

A m o ng the most prevalent Bay 
Street rumours as to what a First 
Chicag o rethink might precipitate 
*rp angg w rtSfm-* rf fif ffp n eith- 

er tise Bronfmans, Gundy's BP 
or Royal Wnir, if the 

T Vwnmw vn rwgn Katiimc hi} through, 

or even Gordon fw uwitipwit, the 
joint venture s mitest bank to be 
by Gordon Capital end Ca- 
nadian Tmj*»riai panir of Com- 
merce. 

Gandy, for its part, ffwmins opti- 
mistic that matters with First Chi- 
cago can somehow be resolved. "We 
are still working towards faying to 
conclude foe right deal few all par- 
ties," said Mr En g- 


Porsche maps 
out cats in 
production 

By Andrew Fisher in Frankfurt 

PORSCHE, the West German 
luxury sports car manufacturer 
whose sales have been hit by the 
collapse of the US stock market, 
yesterday said Its workforce 
would be on short-time for 47 
days between next January and 
July. 

Because of the sharp drop in 
ITS sales, which account for 
some 60 per cent of its total 
turnover, Porsche announced 
two weeks ago that it was cat- 
ting production and putting its 
workforce on short-time. 

Sales were down by 30 per 
cent in the US in October as a 
result of the price collapse on 
Wall Street The company said 
yesterday that around 4,300 
workers would be affected at its 
Zuffenhausen plant at the edge 
of Stuttgart 

The company is also extending 
its Christmas holiday to January 
8, 1988, which will take up four 
more working days. Porsche 
intends to cut Its output through 
the short-time working by 4,900 
cars at Zuffenhausen. The pro- 
duction cuts will also affect the 
Neokarsulm plant of Audi, the 
Volkswagen subsidiary, which 
also makes models for Porsche. 


Peking bank to widen foreign services 


BY DAVB> DOOWELL M PEKMQ 

OTIC Industrial Bank, just set 
up by China International Trust 
and Investment Corporation 
CCitic), the Peking-backed finan- 
cial services group, , is to collabo- 
rate with the related K& Wah 
Bank in Hong Kong to provide a 
rare bridge for foreign investors 
and trading partners to channel 
funds into and out of China. 

The group is also investigating 
the establishment of a broking 
subsidiary in response to the 
increasingly widespread use of 
bonds for fund raising by both 
the Chinese government and 
mainland enterprises. Such a 


broking operation - which does 
not yet exist in China - would 
probably be launched with assis- 
tance from a foreign partner. 

Citlc has over the past five 
years established a reputation 
for bring an innovator in China’s 
still-underdeveloped financial 
se rvi ce s industry, and is inevita- 
bly at the forefront of those 
mainland institutions that are 
trying to capitalise on the recent 
reforms In finance and tv»wW»ij 

Citic Industrial Bank has in 
recent weeks been given clear- 
ance to set up retail banking 


operations throughout the coun- 
try. Initial outlets wfll be in the 
main industrial cities. 

Mr Xu Zhaolong, vice-chair- 
man of the group, said the indus- 
trial bank and Ka Wah Bank will 
be sister banks. “They will col- 
laborate with each other. If 
transactions are more suitably 
handled in China, they will be 
given to the industrial bank, and 
if they are best handled in Hong 
Kong, then Ka Wah will do 
them*. 


No foreign bank has access to 
China's domestic retail banking 


market. Similarly, only one of 
the 13 Peking-controlled “sister” 
banks in Hong Kong has any 
retail p r e sen ce on the Chinese 
mainland This is Bank, of Com- 
munications, which has just re- 
established a retail headquarters 
in Shanghai. 

On fticure broking operations, 
Mr Xu mid: "Very soon there will 
be a secondary bond "»■*** in 
China and by then there abould- 
be bom hu m a n operating M*ny 
sec ur ity companies both fat Hong 
Kong and Japan have offered to 
give help in fob direction.* 


Setback for Japanese power groups 


BY CARLA RAPOPORT IN TOKYO 


JAPAN'S electric power industry 
showed a marked decline in 
profits for the six months to Sep- 
tember compared with the 
record results achieved in the 
previous year. 

The power companies scared 
unprecedented profit advances 
last year as a result of the yen’s 
appreciation and the drop in 
energy prices. Since that time, 
however, the electricity industry 
has cut its rates in order to pass 
on its windfall benefits to con- 
sumers. 


As a result, the industry, cov- 
ering Japan’s nine leading elec- 
tric power companies, showed a 
combined drop of 285 per cent 
at the pre-tax level for the six 
months to Y4G6bn. This figure 
was still the third largest on 
record for the six-month period. 

The industry showed a slight 
decline in sales of 05 per cent to 
Y5,909bn ($44bn). The fen was 
slightly less than forecast thanks 
to increased power demand from 
the industry which has shown a 
faster than exp ect e d recovery. 


The industry said it expects 
further declines In profits fat the 
full year as it plans more rate 
cuts. The nine power companies 
said they had disbursed more 
than 90 per cent of their wind- 
fall profits in the six months just* 
ended. 

Tokyo Electric Power, the lar- 
gest, showed a 26.2 per cent 
decline in pre-tax profits at the 
interim stage to Yl38bn on sales 
up 15 per cent to Y2,000bn. For 
the full year, it f ore casts pre-tax 
profits of about Y280bn an sales 


of Y3^80bn- 

The industry also revised 
dow n w a rd lb long-term projec- 
tions of power demand, in view 
of Japan s continued shift from 
capital intensive Industry to 
higher-technology and service 
industries and increased o f fii wi f 
production. As a result of this 
revision, the industry has asked 
far government approval to post- 
pone the building of six huge 
power plants originally sched- 
uled for construction b e t we en 
199Q and 2996. 


BY CHRIS SHERWELL IN SYDNEY 


MR RUPERT Murdoch's New Cor- 
poration is expected to increaseite 
domiiumrp of foe Australian print 
media if a proposal to acquire fur- 
ther assets from rival group John 
Fairfax goes through. 

The assets under consideration 
are foe Fairfax group's stakes in 
Australian Associated Press (AAF), 
foe demotic news wire servzoe, and 
in Australian Newsprint Mills. 

Weekend reports said Mr War- 
wick Fairfax’s Tryart group, which 
has just gained control of John 
Fairfax, is to seD foe two stakes to 


Mr Murdoch for seme AS275m 
The reports, published by Fairfax 
group newspapers, also said that 
the plan would meet opposition 
from foe Trade Practices Commis- 
sion, foe Governments anti-trust 
agency, if it is deemed to entail 

dominance of foe market for wire 
service news and newsprint supper. 

Transfer of the stakes would give 

News an estimated 80 per cent hold- 
ing in AAP and more than 90 per 
cent of Australian Newsprint Mills. 
It is assumed any deal would also 
inrinde guaranteed supply for Fair- 
fax and other sews groups. 


The proposed sales are foe result 
of Mr Fairfax's need to radnee his 
borrowings. Under his wigmal 
scheme to take John Fairfax pri- 
vate, he planned to raise son* 

A$275m by Coating David Syow 
Holdings. The move was called off 

after the collapse of the share mar- 
ket test month. 

Hr Robert Holmes A Court, foe 
ftrth entrepreneur, is shortly die 
to take over ownership of the Aus- 
tralian Financial Review and other 
Fairfax assets under Mr Fairfax’s 
original deal 


NEW INTERNATIONAL BOND ISSUES 


A*. Ufa 

MatwRy yean 


Price 


*8 


us 


■ Arasaliaa 

D-MARKS 


(a)t+ 


195 

30 

200 


1994/97 700 

2992 5 

1992 5 


Vs 


100 IUM. 
KML10 Santa lab 
10U« IBJH. 


MM 


S2S-.S2J* 

East Asiatic* 

Enfln*«4 

SWISS FRANCS 

250 

200 

150 

50 

1996 

1994 

1992 

1993 

0 

7 

5 

5.92 

( 2 

§ 

100 

1001, 

100 

100 

TrtofcMS & Bartini* 

DoubcDt Book 

CaamfzbMk 

BHF-Bonk 

5.955 

5J875 

5.625 


150 

41 

200 

400 

70 

12 

150 

40 

1994 

1992 

1998 

1997 

1992 

1992 

1994 

1992 

w 

w 

m 

w 

w 

ft 

? 

a 

ft 

4fa 

101 U8S 

99fa ftp Pariba*Sabu) 

100 Waihwi Seditk 

100* UBS 

100 Credit Saiue 
lQOfa Ftw Bank (Sdareix) 

101 Credt Sabre 

100 Serin VoSakn* 

4500 

4329 

4.750 

4.903 

4.625 

5J92 

4500 

4J250 

IMIBraktat 

STRUM 

100 

1991 

3 

8 

lfilfa 

Mtljonh 

7.472 


59 

M 

2003 

2011 

15 

7-0 

8 

100 

100 

Map Grenfell 

Citicorp In*. Bank 

4.750 

LIRE 








EW(bft+ 

200hn 

1995 

« 

W 

180 

San Paolo Bn* 

- 

BUILDERS 








El 04 

200 

2002 

8 

6*2 

99 

Aon Bank 

6.607 









=32j|gfl 

300 

300 

300 

1992 

1992 

1992 

5 

S 

5 

% 

lOOfa 

100 

100 

BCL 

Credit Ewapeen 

BtL 

7563 

7J75 

7575 

YEN 








OK0+ 

30k» 

lOka 

55b* 

1997 

1994 

1992 

10 

7 

5 

# 

m 

Nun Secs. 

LTC8 fat 

NBAs Sacs (Earape) 

5.987 

4829 




. (M| Mta -ate. (m war tm Law. RKMO mm I 


iiWii iii mi iii i am nawaiB 


This announcement appears as a matter of record only. 

£ 200 , 000,000 

Committed Revolving' Credit Facility 

and 

£ 200 , 000.000 

Uncommitted Tender Panel Facility 


NOVEMBER 1987 


M 


WOOLWICH 

EQUITABLE BUHJMNG SOOETY 

Woolwich Equitable Building Society 

(Incorporated in England under the Building Societies Act 1986) 

Arranger 

Credit Suisse First Boston Limited 


Barclays Bank PLC 


The Fuji Bank, Limited 


Lead Managers 

Swiss Bank Corporation 

Managers 

The Bank of Tokyo, Ltd. Credit Suisse 

The Dai-Ichi Kangyo Bank, Limited 

The First National Bank of Chicago The Mitsubishi Bank, Limited 


Bayeriscbe Landesbank Girozentrale 
The Sumitomo Bank, Limited 


Participants 


TSB England & Wales pic 

Additional Tender Pond Members 

Banca Nazionale del Lavoro 

London Branch 

CIC-Union Europeenne, International et Ge 

London Brandi 

Morgan Guaranty Trust Company of New York 

Westdeutsche Landesbank Girozentrale 

Facility and Tender Agent 

Credit Suisse First Boston Limited 


Credit Lyonnais 
The Tokai Bank, Limited 


Credit Commercial de France 

London Branch 

Kredietbank N. V. 

London Branch 

Soci£te G6n6rale 

London Brandi 


This announcement appears as a matter of record only 


Financial consortium led by 

Dleteren s.a. 

of Belgium 


Sale of its 44.4% interest in 
Locadif s.a. to 

Avis Europe pic 


We acted as financial advisers to 
Dleteren s.a. 
in this transaction. 


Generate Bank Kleinwbrt Benson Limited 


October 1987 
















Financial Times Monday November 30 1987 


27 


!f 


tsed to 


yr >.. 




v,*-’** 




INTERNATIONAL CAPITAL MARKETS 


Havas sees 
20% gain 
next year 

By Ow Financial Staff 

AGENCE HAVAS, the 
French advertising agency 
which was privatised earlier 
this year, expects profits 
for 1B88 to rise by ground 
20 per cent following an 
upgrading of earnings fore- 
casts for the current year. 

Pierre hander, the Havas 
chairman, said group net 
attributable profit, exclud- 
ing extraordinary items, for 
1987 would rise to between 
FFrSBOm and FFr960nt 
(llOdn). Earlier estimates 
suggested 1087 profits of 

around FFr3 15m. 

He told a shareholders’ 
meeting that attributable 
earnings for the year would 
be between FFrSSOm and 

FFr5 40m, including an 
extraordinary profit of 
FFrlSOm. This pat 1887 
earnings per share at 
around FFr42, compared 
with FFr34 in 1986 
Mr Dander said his fore- 
cast of 20 per cent profits 
growth next year took 
account of an expected 
advertising slowdown in the 
second half of 1988. 

He also said Havas might 
make a free issne of 
share* .He gave so details 
bat said it would not call on 
share bidders to raise cash. 
"At present we have 
FFr5 20ra in risk-free invest- 
ments at onr disposal. In 
addition to a five-year mul- 
ti-option facility of 
FFrl.Sbn, he added. 

This level of liquidity 
would allow Havas to take 
advantage of favourable 
opportunities, he gild. 


US MONEY AND CREDIT 


Budget deficit deal the focus of mistrust 


THE MANY bond traders and 
institutional fund managers who 
took the opportunity of Thanks- 
giving celebrations to go home 
and put their troubles on the 
shelf for a long weekend rosy 
find a shock when they return to 
their screens today. 

The Treasury's benchmark 80- 
year bond issue closed last Frl- 


It had an awful kit to do with 
strains within the European 
Monetary System due to the dol- 
lar’s weakness and deep concern 
about German growth prospects. 
It will be these factors which 
will lie behind any cut In the 
German discount rate. 


Hflwinw a — a-* rift niniV.,. Economic Statistics to be (economic poucy may oe unoer- squnsce iuuuudii uum u«r ajs- 

One measure of the calm in« managers is releasecMrtbur released this week Include: “way and the rise In yields on ten*- To them - sterling M3 

hidi has descended has been wBch shSSi providewmetS- • Monday - mid-November ffongtiated gilts last week could growth, of more than 22 percent 

le willingness of European tative evidence of consumer agricultural prices which are be pointing to this. fe a pointer of worse inflation to 

ooetaiyofiiclab to jpealt their behaviour in November and wfO, generally _ expected to be There are indications too that 


Economic statistics to be 


UK GILTS 

Institutions switch 
back to cash 

THERE ARE signs that an incipi- needed are rises in interest rates 
ent re-evaluation of domestic and a higher exchange rote to 
(economic policy may be under- squeeze inflation from the sys- 
■way and the rise in yields on tern. To them, sterling 


monetary officials to speak Uualr behaviour in November and will, 6 e 
mmds and it hasnt teen happy f or that reason, be closely 
listening for those with hopes of watched. pu: 

a marveUbus new era of intenja- The weakness of the dollar is a * 


A lot has changed since the crash*. 


if prices which are fee pointing to this, 
expected to be There are Indications too that 
and the report from -the switch in institutional 
managers. investment towards gilts may be 

y - leading indicators running out of steam. The initial 


's own forecast of 

*vr ui#l reason, oe ciomh — — —r — y ~ * — ■ — ■ “ M, “ ine 9w1u.11 ui liuuiiuuuiiu IhSaiIa. m /Vi ^ 1QOO aF J R nor 

watched. purchasing managers. investment towards gUts may be 

The weakness of the »a • Tuesday - leading indicators running out of steam. The initial ^ *^ e A Y t S n V?- 

tiosal cooperation after the major concern for thtwwur^d fc LSf t0 S^, Ex ES!? , iSA2 SoSe% institutions into gilts 

about higher inflation. Any fur- slightly fewer with the was a function of the -flight to SSSgSg 

ther boost to demand coula start consensus forecast at - 0.1 per quality- phenomenon; what is ""to™ 

<v>nt OnnitnirttAn mmWina r™- ■»: points on the forecast Increases 


day with a yield of just under days of crisis management which Mf .QWkOranrami- ther boost to demand could start consensus forecast at -p.i perl quality' phenomenon; what is 

9.14 per cent. Oe highest ctose saw the US Federal Reserve nent and to exert upward pressure on cent Construction spending for happening now may well be, at [““JLjg 

mnee October 21. two days after Board flooding the banking sys- her erf theSundesbank s policy- products in Industries which are October - consensus forecast Is won£ the second leg of the * oneSf 

Black Monday. tern with money and Inter"*- mar”'** — ... * — - -* — nc — * • • "• 


to have 


US Treasury 
yields 

Percent 
ID 

9 jj Nov 25,1987 


The key to last wears steadily ttanal me 
rising yidds was the weakness of over bad 
the dollar which slumped to in public, 
record low for the New York 
close on Monday against the flic v. 
D-Mark and the yen. Foreign ■ 1 

exchange dealers have, always yield: 
been sceptical types and there 
has been a great deal to be seep- ' " 
tical about- 1 0 

The focus of most mistrust 
continues to be the deal on cut- 9 
ting the US budget deficit. With 
many forecasts looking for a def- g 

icit next year of perhaps SlTObn. 
the package of half-hearted ana 


the package of half-hearted and 
illusory cats looks a paltry con- • 
tri button to the cause of correct- 
I ing global imbalances. The for- 6 
eign exchange market knows 

that as well as the alumni at the c . 

, Bundesbank and Congress itself. 3 9 1 2 3 4 5 710 30 I 

The foreign exchange market months years 

also had the most jaded (and sottKTMMceinm i 

most probably accurate) view of — ■ — ■ ■■ — ' ■■■ J 

last week’s modest reductions in 

key interest rates in West Ger- Now that the Mock market, 
many. It is unlikely that the *nore than any other, seems to 


contempt for the notion of cur- commodity prices. Futures prices • Wednesday - new home sake Haianwi 
rency target ranges. Earlier In for gold add silver surged to f^pected to total 630,000 to 


0.6 per cent post>equity market slump reac- 
economists are -tion, a -flight to liquidity . or at 
this decline. best an end-year run-up in cash . 


the week,'Mr Nigel Lawucav the fiVe^week highs onlriday* while 8«ft000 tit October, down from Theintojaction of a reassess- 
Cbancellor of Se Exchequer, the Cornmoditv Research 666,000 in September. ment of policy andago for 


Commodity Research 


interest rates to defend the dol- 
lar. 


a-half year high. changed in October. Estimates the short term. 

These concerns are summed f® 1 "f'* car sal« inNovember What is happening now may 

up neatly by the bi-weekly publi- from around 8JJm to about just turn out to be the trough of 


edine ^ 7^-, A lt believes the the policy set- 

bestanend-year run-up in cash ^ * ^mtbttionars m the 

30 000 to t>aiariceS ' context of slower growth next 

own from The interaction of a reassess- year. But given that the outlook 
ment of policy and a ’go for cash' has been clouded by the fall in 
antmare strategy by institutions could equity prices a final official 
to little weU 861 *h e 1006 °f the market judgement awaits data which 
Estimates bn the short term. says something about the way 

November What is happening now may **» *** e^my ***** to ** 

1 tn aKrrnt l . .. . A CTaSIl. 


&npha«fe within the US has cation. Grant's Interest Rate 9-Sm- 


vo La tile expecta- 


• Michael Lenhoff and Sofia 
SkaUstiri of Capel-Cure Myers 
have stuck their heads above the 
parapet and estimated irtstitu- 


Oct 28.1987 


3 4 5 710 30 
years 


■TV." , , — : r. : — " 7- Uiiuea iaj joac Krouna BKOlMl wecfts. atui ,uu» iuwmu luc kaWanUi.. 

thinking in the bond market is other currendesTwhen businea* rate » B - 9 P® cents imctonged Chancellor's 4fe per cent infla- r m ^ 

fear that the atendonment of activity continues to furnish sur- fr °m October, while the non- tion forecast anti the change 

monetary rectitude so necessaiy pnses on the upside, when gold {&rm P*yroU is omected to have from predictions of recession to a £™S5'„S?L?Lr b 18 
toreBtore calm to financial mar- threatens a newhigh and w*W ffwj' by 150,000 at leas com- belief that growth will remain to the 

kets, if not reversed for a pro- a united front of economists pared with a preliminary esti- bouvant - but there are reasons T"® te reen “g es relate to tne 
longed period, will lead to Jp^iitoSn/vJSStiS ^of a In fTSSkinTthat ^. rea3 ° ns ITSf ZSfiSi ‘Jhe 

UP -nS d ^T£°;M^ at Oaohtt - From the markef. point of o^wh«a 

the Fed which has been provid- 8 T , „ , view monetary policy is faftly Jot of people in the market are 

ing the hanHn» system w^°ade- d holder ma ^ fidget- Janet Bnsb finely balanced. Pragmatism die- saying, viz. the Institutions are 

Hr* ■ tateo the two-stage reduction in rebundina their Hilt and cash 

base rates by 1 percentage point. 

While necessary at the tune to 


Wu nAUhpr iW decisi on pri g * it* have settled do wn a b it, fixe 
repurchase rate lower, taken cm fighting(as me European mane- 


quate but not ganerous supplies 
Now that the stock market, of cash. It appears to be target- 
ore than any other, seems to Ing Fed Funds at 6% per cent. ■ 
»ve settled down' a bit, fixe Until more data is available 


US MONEY MARKET RATES (%) 


the day before the budget pack- tar 7 omexai descrioed policy- how the economy and the con- 
age was announced, had very making during the crisis) has sumer has. reacted .to the crash, 
much to do with wanting to ghre given way to taking stock erf the inflationary fears may be preraa- 


l<A 

fMw 

2 as* 

«•»" 


“to 

&M 

MS 

AJB 

2134 

SJS 

Ul 

9.71 

US 

707 

US 

UI 

Ul 

SM 

70 S 

123 

7 jO 

70 S 

7 J 7 

■23 

SAT 

US 

Ml 

AM 

701 

MB 

7 J 9 

«.n 

72 S 

MS 

S 57 


elusions is difficult, but the 
, trend seems suggestive of what a 
is fairly ] 0 t of people in the market are 


FT/AIBD INTERNATIONAL BOND SERVICE 


US BOND PRICES AND YIELDS (%) 


ALCM AUSTRALIA U9 
AWQIICM EXPK93 13, 

Ausnuu* 

AUSTRALIA 111,1 

Austria a 


" » -”■ ! I ? ' , "iir | in 


CANADA IO^i 
CANADA 111, 


iSS ■? 

2% 3 
£ 3 




1AUS 
*3\ -MM 
*z% S5JJ 
7 04 

>9, I3LM 


JJ 0 an, 
19» m 



93 


w 

il 

^3 


mm 







iso Met, . 1 , law 

TOO I»5% — % Mja 

» ■ 104 ' 

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view monetary policy is fairly ) oc of people in the market are 
finely balanced. Pragmatism die- saying, viz. the institutions are 
toted the two-stage reduction in rebuilding their gilt and cash 
base rates by 1 percentage point, levels. 

While necessary at the time to How important this Is for gilts 
bolster liquidity, a lack of depends on the way the balance 
explicit guidelines or targets for tilts between cash and bonds, 
policy is leading some to quea- If we are witnessing a trend in 
tion the Government’s anti-infla- favour of cash and it is not part 
tiem credentials. of the end-of-year window dress- 

Domestic economic data and ing of portfolios, then the impli* 
business surveys Indicate that: cations are at least two-fold. A 
the economy u likely to keep steepening of the yield curve as 
JSfontfy into the first retail interest predominates at 
naif of 1988 at least. the short end: and a lean time 

This does not ap«*r to be an aheSfor market makers. As 
environment in which a cut in turnover moderates, it seems 
interest rata would be sustain- likely that the strong or very 
able, but it dora seem to be one agfle will be the likliot to sur- 


half of 1988 at losl 
This does not ap 
environment in w. 


which argues for keeping them vive 
where th^r are. 

To the more orthodox mone- 
tarists in the market what is 


Simon Holberton 



kwe fcwi Wiwfti hgttote 


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Sower. CtpH-Cm Mjan 


— —Hito a nnounce m ent is not an ofleringoUhe Notes which have been sold-and appears 
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Prudential Funding Corporation 


(Inaxporated in the State of New Jersey, U.S-A.) 


A Subsidiary of 

The Prudential 


Insurance Company of America 


1V/b% Notes Due1992 


Prudenbal-Bache Cental Funding 


S mN od Dan k Corporation httemaBonal LhnHed 








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Bankers Ihisttntemational Limited 


Goldman Sachs International Corp. 
MerrfH Lynch Capital Markets 
Orion Royal Bank Limited 


BankAmerica Capital Markets 


Wood Gundy Inc. 


Crecfit Suisse First Boston Limited 


McLeod YbungWeir International Limited 
Morgan Guaranty Ltd 


Salomon Brothers International Limited 


Banque Bruxelles Lambert SJL 


Banque Paraws Capita Markets Limited Chase Investment Bank Dalwa Europe Limited 


DKB Inte r na tional Limited 


Dominion Securities Inc. 


EBC Amro Bank Limited 


IBJ Intematioral Limited Kansallls Banking Group Kkkto; Peabody Inte r national limited 


UCB International Limited 


Mitsui Finance International Limited 






«Tte Fbwdanian Ltd 1W. ttonWoto OtoBtow k to avtani Ml pnwiaa«UMW«m 


The Nlkko Securities Co, (Europe) Ltd. Verein s- undWest bank S.G. Warburg Securities 

AMtangeseXscM 

Wmaichl International (Europe) Limited 


November 1987 





















28 


Financial Times Monday November 30 1987 


UK COMPANY NEWS 


David Waller looks at Magnet - a one-time favourite with City analysts 

Retailing now supplies hopes of revival 


COMMERCIAL realities ‘and City pohce were investigating a poasl- 
percepdons frequently get out of ble fraud at the company's 
kilter, rarely more so Qian in the Kefahlev headauartera and last 


headquarters 

case of Magnet, the kitchen and week, Magnet disclosed that it 
bedroom furniture maker and plans to dismiss 600-600 employ- 
retailer which is to sack ten per ees before the end of the year, 
cent of its w o rk fo rce by the aid The shares dosed at 172Mp on 
of the year. . ■ Friday. 

• From November 1086, when “The company's position is 
the': company caught analysts exceptionally strong," rafa the 
unawares with a 71 per cent leap chairman Mr Tom Duxbury 
in interim profits; to the last /when he announced. & 21 per 

■- cent increase in interim pre-tax 

fits last Wednesday. At 
1.46m, taxable profits were 
the ejw aS the City. Its shares greater than those made during 
more than -doubled over the -the -whole, of 1984, evidence of 
period and were accorded a ver- the undeniable s u ccess of -uag- 
tigincms rating. net’s reorientation as a retailer. 

The reason: Magnet’s ambi- First steps in this direction 
turns ' and risky strategy aftum- were taken in eariiy 1685, when 
ing itself into a retailer rather after a decade’s factional stz-ug- 
than a supplier to the building gle, Mr Duxbury won the man- 
trade appeared to have paid off, agement asc endan cy, 
promising years of spectacular Formed in 1975 as a result of a 
profits growth. But however merger between Magnet, Mr 
well-founded the basic strategy, Dux fairy's family b us ines s, and 
by this summer the company Southerns Evans, Magnet and 
: was finding that Its sales projec- Southerns still supported two 
tions were unduly optimistic distinct company cultures, two 
-ami trading began suffering as management structures, two 
a result. incompatible computers and two 

Yet the City remained unaware headquarters. Long playing a 
of the problems and a leading back-seat role, Mr Duxbury 
analyst at one of the company's changed all that when he took 
brokers remained enthusiastic control and began to turn the 
until, that is, he paid a visit to company's back on its traditional 
Magnet's headquarters in York- customer base in the construc- 
shire in lata August. Immedl- tion industry to embrace instead 
afcely, he sharply downgraded his the general public - the DIY 
profits forecast far 1987-88. enthusiast rather than the. 

After he made a call to his builder, 
office from a -Yorkshire phone- It was a radical step which 
box, news of this leaked but arid required drastic measures. Trade 
Magnet’s shares collapsed. They discounts were abolished - as 
feu by 16 16 per cent on Monday, part of a move designed to atim- 
August 26, alone - a paper loss of uiate demand from the general 
£100m- dropping from 326p to' public by lowering prices. 
266p over the week. This was a- Although .a 5 per cent discount 
long way below their July peak was eventually re-introduced, 
of 406p. ‘ builders, plumbers and develop- 

Further developments, not era stayed away in droves. At tne 
least of them the market crash, same time. Magnet embarked on 
have not helped "sentiment", a massive programme of convert- 
that intangible arbiter of a share ing its depots to make them 
price. Early this month, it more accessible to the retail cus- 
emerged that West Yorkshire Comer. Traditionally, they were 



crate huge sales increases 
__u the moment they opened. 

Magnet acted to reduce stocks 
by savage discounting in the 
depots; the result was unusually 
high turnover and very low 


retailing margins. The next step 
cted In Ore redundancies 


- as reflected 

- is to cm back manufacturing 


The saga hardly reflects well 
on the company's foresight, but 
contrary to the impression given 
by the share price; the effect on 
Magnefs business has not been 
calami tious and analysts still 
expect a respectable increase In 
pre-tax profits to £52m or so this 
year. 


untidily stuffed fill! of supplies 
such as windows and doors with 
no room for even a baric display 
of products. 

At first, not unexpectedly, 
demand faltered, margins tum- 
bled and profits for 1985-86 f dL 
But in time, the formula proved 
successful A 
of a depot. 


much as to deter the masses - 
who were prepared to pay more 
for a recognisably superior prod- 
uct. 

Magnet is ‘vertically inte- 
grated" and manufactures some 
70 per c 


Nor has it dented manage- 
ment's confidence in the wisdom 
of its strategy and Magnet's 
expansion plans continue apace* 
it plans to convert a further 70 
depots by April next year, bring- 
: the total refurbished so far to 


per cent of the products sold 


through its di 


exper- 
iencing an explosion in sales ear- 
lier this 


perhaps £50,000, brought about 
“ to 70 p« 


per cent 



CREEMTIYONNAIS 


U.S.1 300,000,000 Floating Ba le Notes due 1995 


to accordance with the provisions of the Notes, 
notice is hereby given that for the interest period 
from November 30. 1987 to May 30, 1 988 
the Notes win cany an Interest Rate of 7»Yis% pA 


The 


May 30, -1988 againri coupon n°i0 will 
• U.S.S397.14 per Note. 


date. 


Hm Fneai Agent 


"c. 


(^KKEDIETBANK. 


•*.• -t •••; ?>(r- 


-.-4" 
'■ - - 


(kKOrporated in England with fomtedltabBIty) 


. IssueufU.SJS 500,000,000 . 

PRIMARY CAPITAL FRN* (Series “C") 

(Floating Rato Notes) 


In accordance with the 


of the Notes, 


notice is hereby given, that far the three months interest period 
from Novembe ' ‘ 


from November 30. 1987 to February 29. 1988 
the Notes wB carry an Interest Hate of 7fa% per annum. 


The interest payable on the relevant interest payment data, 
February 29. 1 988 against Coupon No.9 win amount to 
U.S.S1 92.74 for Notes of U.S .$10,000 nominal and 
U.S.31 .927.43 for Notes of U-S. £100,000 nominal 


Agent Bank 

KREDIETBANK 


S.A UM MSOUUitXMSE 


an immediate 60 
increase in sales. 

The first indication of the suc- 
cess of the strategy in profits 
terms was the surprise hike at 
the interim stage a year ago, fol- 
lowed in June with pre-tax prof- 
its ahead by more than two- 
thirds to £44m.' llagnet chose 
this moment to hold, a £?lm 
rights issue through the issue of 
convertible preference shares. 

Although Magnet Is reluctant 
to disclose fhe break-down of its 
the growth was powered 
salesaf kitchens and kitchen 
units. Analysts credit the com- 
pany with pitching Its product at 
exactly the right level of the 
market, more expensive than 
kitchens sold by MF1, but not so 


year, lower retailing 
margins were more than offset 
by better manufacturing margins 


as the company's factories thun- 

flai-pac] 


-pack units 


dered out 
at optimum 
' Magnet .fell into the trap of 
gearing up production in antici- 
pation of yet further increases in 
demand - and analysts fell into 
the trap of assuming profits 
growth to match, forecasting 
£70m for the current year. 

Circumstances conspired to 
leave Magnet seriously over- 
stocked by June: for a variety of 
reasons, supply from the facto- 
ries far outstripped demand in 
the depots. Sales faltered ahead 
of the election, and the company 
found it difficult to get planning 
permission for large "mega-show- 
rooms" which were supposed to 


Capital expenditure on conver- 
sion will in this financial year 
amount to £42m; this will come 
from borrowings as the proceeds 
of the rights issue have already 
been spent. 

Magnet's staff clearly suffer 
freon a morale problem, particu- 
larly those in manufacturing 
who may lose their Jobs, but also 
those in some depots who must 
still be wondering whether they 
should be selling to the trade or 
the public- Furthermore, trading 
prospects must be clouded by 
macro-worries about consumer 


spending • more specifically by 
competition from MF1 which is 


likely to move upmarket follow- 
ing its management buyout and 


the acquisition of Hygena. 


Against this t __. w 

net's shares are now rated in line 
with buOders’ merchants, rather 
than as a glamourous niche 
retailer. Ironically, they were on 
the most favourable rating in the 
summer - at the point of the 
company's greatest commercial 
difficulty. 


Bulgin headway in first half 


AF. Balifa maker of electri- 
cal and electronic components, 
ijflwi it* sales bv 18 uer cent to 
&5.44m and its profit by 42 per 
cent to £291,000. 


ly was helped by 
conditions in the 


But exceptional costs this time 
were up to £80,000, against 
£25,000, so the pretax profit for 

the half year ended J 
was ahead by only 
£211,000. 


year ended July 31 1667 
7 £31,000 to 


The com] 
better tradi 
electronics Industry. Expansion 
of the power conversion division 
necessitated its relocation from 
Barking to Broxboume, and the 
coat affected the result 
Component manufacturing at 
Barking produced satisfactory 


hit by escalating costs; but a 
reorganisation stemmed that and 
the company was trading profit- 


in the half year came 

to 0.48p f0-38p) per share. There 
will not be an interim dividend 
because of the need for addi- 


results, exports being particu- 
t Holdings 


tional working capital, but it is 
r a final 


lariy good. Cirkit 


intended to pay i 
0.1p). 


Oast year 


Eurotunnel 
issue hangs 
on French 


response 


By Richard Tomkins 


Eurotunnel, the 
Anglo-French company 
building the Channel Tun- 
nel, la today expected to 
reveal whether it has found 
willing bu y e r s lor the whole 
of its £770m share issue. 

The UK offering of 10Sm 
Ew^fuf i u nits {each cam- 
prising one UK and one 
French share) fa almost cer- 
tainly undersubscribed. 


Only 100,000 to 180,000 

application* 


were received 

and the average alxe of 

application fa believed to 

have fallen well below the 
expected level of 1,000 

•rnitm 

The French adviser* are 
said to be more optimistic 
about the response la 
France. But because the 
shares t h er e have been dis- 
tributed through hundreds 
of High Street banks, the 
Agues have not yet been 


If the French offer Is 
oversubscribed, the excess 
demand will be used to mop 

S i the unwanted stock in 
s UK 

A redistribution along 
’three lines would help sup- 
port the price when deal- 
ings in tbs units begin -oat 
Thursday December 10. 
However, it would also 
bring renewed accusations 
of British apathy towards 
the project and increase the 
likelihood or it being seen 
as French dominated. 


Beaverco/Too thill 


Beaverco, plastic foam 
>ed maker, has 


and sofa ba 
increased its stake in 
ToottiQ by 6*000 shares to 
l&AS per cent. ToathUl, 
which manufactures fttrni- 


tnre, reported only a mod- 
est rise In pre-tax profits to 
£329,219 for the year to 
March 31, 1987. 


MK rejects RTZ 

bid arguments 


BY DAVID WAUJM 


ALL HOPES of agreement 
between UK Electric and RTZ, 
which last week launched an 
unwelcome £206.5m cash offer 
for rite electrical accessories and 
doorbell manufacturer, disap- 
peared yesterday asMKs man- 
agement expressed its desire to 
keep the company independent 
after refecting the arguments put 
forward in RTZ'a offer docu- 
ment, posted to ME shareholders 
on Saturday. 

The document offers criticism 
of MK's profits and share price 
record in recent years and argues 
that the company would find it 
difficult to grow beyond the 
it veer without access to 
resources. 


that the document did 
to persuade him that fie ffomld 
recommend the offer to MK 
shareholders. It provide* no evi- 
dence of any synergy between 
Pillar and MK; the price totally 
undervalues the business. Nei- 
ther their cash nor their market- 
ing expertise would benefit us at 
all - we wish to rwnainlndepen- 
denfi. 

MK’s shares ended the week at 
28&p, 49p above the value of 
RTZ'8 offer. Matters were compli- 
cated when a French elect rical 
company. Legrend, emerged as a 
holder of 2.6 per cent of MK a 
shares. 


Saatchi may 
consider 


going private 

By Rlclianl Tocnidns 


theadver- 
tares hare 

_ battering 

recently, said yesterday it might 
consider going private if its price 
fell any lower. 


Saatchlft 

'rising group whose 
(taken a severe 


Mr Victor Millar, chief execu- 
tive, told Channel 4’s Business 
Programme that it was Saatchi *s 
intention to remain a publidy 
’quoted company because , of the 
^access this gave it to equity 
finance. 


"Having said that, if there is a 
drop significantly from this 


point, certainly buying the com- 
pany back 


pany bade would have to be one 
of tne areas that would be con- 


sidered-’ Saatchi’s shares were at 
384p on Friday against a year's 
peakofllS9p ' “ 


Storehouse 
in £10m talks 


for Blazer 


By Richard Taurida* 


Storehouse, the retailing group 
fighting a hostile fad from Ben- 
lox, is negotiating the purchase 
of Blazer, a privately-owned 
men’s fashion retailer, for 
around 810m. 

Blazer has six mens wear 
shops, one of them in Guildford 
ana the other five in fashionable 
shopping areas of London. It had 
planned to come to the Unlisted 
Securities Market in October, bat 
postponed the flotation because 
of the stock market crash. 

Storehouse considers that the 
purchase of Blazer would com- 
plement Richard Shops, its niche 
womenswear retailing chain. It is 
believed to be negotiating a deal 


involving an initial payment fol- 


lowed by further amounts 
dependent on performance- 


Option on Ecobric stake 


FT Share Service 


The following securities were 
‘added to the Share Information 
Service in Saturday's paper : 

DRX Inc. (Section: Mbiee-MIs- 
cellaneous); HL Laboratories 
Third Market): Propeller 
Market). 


Alpine Drinks 
cats losses 


BOARD MEED NOS 


Reduced pre-tax losses of 
£134,000= ' were .'announced by 
AlplneSoft Prinks for the six 


months to September 26 1987, 
rith £211,1 ‘ 


compared with szj. 1,000 previ- 
ously. The improvement was 
achieved on a lower turnover of 
£&54m(£7.2n0. 

There was again no tax paid, 
and losses per lOp share 
amounted to 1.13p (2.06p). 

The board of directors was 

reconstituted in August and a 

cash subscription of £2. 14m 


made, primarily by Pedigree 
At Septeml 


Group. At September 26 the com 
any had cash res 


resource* of about 


The new directors said 


i Intended to develop and 
i’s busin 


Id they 

expand 

less into 


ithe group . 

broader range of consumer prod- 
ucts through acquisition and 
I product growth. 


They were aware that the 
nsausfi 


Unsatisfactory performance in 

{soft drinks in recent years had to 

(be halted and were taking action 
]to redress the situation. That 

(Involved a rationalisation pro- 

gramme, they said, which would 
incur significant extraordinary 
[costs during the current 12- 
month period. 


Delaney in 
£4.6m deal 


Hit fcfcMiQ compvM Iim notstad ( total of 
board mitoriQi to Bn Stock EjcHkqb- Such 


moetinQs mm maly he*3 tor Bn priprmm of 
cq nttartng rfMOandc. OUoarf Meatbnc mm not 


Ooomfentota Gold Utahn . 

rvj i . _ ■ _ _ - »•-* J 

unmiurat MMmwu * 


KtootQaUUnog. 


\ the acquisitive Bir- 
" furniture manu- 
facturer to the retail and con- 
tract markets, is to buy 
Christie’s, & manufacturer and 
distributer of fitted bedroom fur- 
niture, far £4.6m. It is Delaney’s 
seventh, and by far its largest 
acquisition in the last 12 months. 

Delaney is to pay with 234m 
new ordinary shares and 2m new 
5.8 per cent convertible redeem- 
able preference shares of £1. 

Christie’s has grown substan 


or tnas and ton a u t i e fr ^kma mmn Batov mm 
Boaad moMy on toat yoart todSto 

TODAY 


UbanonGtodltong. 


(nknlpMiM. 


3c B 

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I n toi a a Aka on. Awrlran BuSnaaa Syton s, 
Caradon. London Start**, WBaoi MomaonAna 
Am. ooca and Ditiu ni c Itoahtow. Suntan 
Sacuiwa kitaonBcnat Unlock, 
fttoto- OrcaprtK. M a w t n o m LwSa. aiSXfr 
oeft. MndiaM. TtoMgar Hama. 


Prafifapftt — - 


•vOnrefiBon oKuiuH ■ 




VtoktoMBn Goto rare. 


£c« 

Ok 7 

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FUTUa DATES 


Aspny- 


80081 IndwtoM , 


Twal. 


Daafeaal GdU Mnng - 


DM3 
Dk7 
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Ok IS 
OKS 


BenakxO (S. & W.) . 


Dobaon Park taduatoaa . 

GanahOwp. 


Union Otoooiad Cool 

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&7 7 
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VBKgPKtagtog- 


Nb3 
Dk 15 


tially in the past two years, 
employi 


employing 140 now, compared 
with 49 in 1985. Pre-tax profits 
have g rown from £71,000 that 


year to £216^)00 last year and 
reached £622,000 “ 


for the 9 
months to September 30 this 
year. 

Defaney supplies reproduction 
furniture to the retail trade and 
to contract markets such as pubs 
and clubs. It is a bar and shop 
fitter and hotel refurblsher. The 
contract market accounts for 66 
per cent of its sales, and retail 
the remainder. 


TWs advertisement is issued in compliance with the requirements of the Council of 
The Stock Exchange. It does not constitute an offer of, or invitation to subscribe for 
or purchase, any securities. 


MINORCO 


(incorporated as a-sodM anonyme in Luxembourg) 


SHARE CAPITAL 

Authorised - 189,435.674 Ordinary Shares of USS1.40 each 
Issued and fully paid— 170,312,074 Ordinary Shares of USS1.40 each 


The Cound] ofTbe Stock Exchange has agreed to admit to the Official Usr 
the whole of the issued ordinary share capital by way of Introduction. 
Listing particulars relating to Minorco are. available from die statistical 
services of ExteL Copies of the listing particulars may be obtained during 
usual business hours up .to and including 2nd December, 1987 from die 
Company Announcements Office ofThc Stock Exchange, Throgmorton 
Street, London EC2P 2BT and on any weekday (Saturdays and public 
holidays excepted) up to and including 14th D ecemb er, 1987 from; 


Rowe * Pitman Ltd, 
1 Finsbury Avenue, 
London EC2M2PA 


Hill Samuel Registrars L i mited . 
6 Greencoat Place, 

London SW1P1PL 


30th November. 1987 


U.S. $60,000,000 
Caixa Geral 
deDeposftos 


(A state cratOi institution 
ostobBshed under thm bum of 
the RapubBc of Portugal) 


Hosting Rate 
Deposit Notes 1994 


In accordance with the provisions 
of the Notes, notice is hereby 
given that the rate of interest for 
(the rix months 30tb November 19B7J 
to 31st May, 1988 has been 
fixed at per cent per annum 
and that the coupon amount 
payable on 31st May. 1988 
win be U.S. 8397-14 per Note of 
U.S. 810,000 and U.S. 83971-35 
per Note of U-S. 8100,000. 


♦ 


Dw Smottmno Bank, t* n i m t 
Agent Bank 


U^. $500,000,000 

The Republic of Italy 


Fkwtfng Rate Notes 
due 2005 

In accor da nce with tfie provisio ns 
of the Notes, notice to hereby 
riven that tar the interest Period 
hom November 30, 1987, to 
December 31. 1987. the Notes wiU 
carry an interest rate of 7% per 
annum. The interest payable on 
the relevant interest payment 
dele, December 31. 1987, wffi be 
U.S. $60.28 per U.S. $10,000 
nominal amount in Bearer (Cou- 
pon No. 27) or Registered form 
and U.S. $1,506.94 per U-S. 
5250.000 denomination In Bearer 
farm (Coupon No. 27). 


BplMQm 

UR&a.AfsrfSM 
November 30. 1987 


hAU 


Notice of Earfv Redemption 


Bankers Trust Overseas Finance N. V. 

(Incorporated in Ae Nedtaiaads Ant&cs) 


U-S. $200,000,000 Guaranteed Floating Rate 
Subordinated Notes due 1994 


NOTICE IS HEREBY GIVEN chat Bankets Trust Overseas Finance 
N. V. will redeem ail che outstanding Notes at dieir principal amount 
on the next interest payment date, 30th December 1987, when 
interest on the Notes wiU cease to accrue. 

Repayment of principal will be made upon presentation and 
surrender of the Notes, with all un matured coupons attached, at die 
offices of any of the Paying Agents mentioned thereon. 

Accrued interest due 30th December, 1987 will be paid In die normal 
manner on or after chat date against presentation of Coupon No 21. 


30th November, 1987 By: Bankers "trust Overseas Finance N.V. 


British Empire Securities & General Thst pic 
Highlights of year ended 30th September 1987 


Growth in net assets (12 months) 

57-3 percent 

(from £53-7m to £84»5m) 


Growth in net asset value per share (2 years) 
117 percent 

(Financial Times All Share index 93 per cent) 


British Empire is managed by 




laudvooo uMnro 


Iswaiwwinsitosnto b a l SgsB 


Meatier « Ltmnbj, Braes 

SBustasIsmattlSS?Wlf«U 
tiijitom BH2S6T23 


Bank of Tokyo (Curasao) Holding N.V., 


Ul£$KIOAOQjOOO 
GUARANTEED FLOATING AAIi NOTES DUE IW7 


© 


feyrnenc of the principal od and Imerwt on, the Notes 
kun c oirt ti BreByandii r aTO tj NyxMWaBteedby 

The Bank of Tokyo, Ltd. 

(Kabudda KaidM Tokyo GUco) 


fci accordance with the previaioni of tbs Atenc fenfc Amement b ee wes n 
Bank of Tokyo (Cincao) HoUng NY. The Bank of Tokyo, Ltd, and 
GabtoA, NA, dnd November 27. 198S. nodesk hmby given tint the Rate 
oUnorat has been fc*d at 77635% pa. and ffise die ksm peyaHe ondw 
reta*totthierralte™«D^b* n fay «9k«pfo*Cbti»nNo.9wl 
be LLS4 196-22. 



BY CLAY HARRIS 


Freehold Trading, Jersey- 
based Investment group, has 
been granted an option over the 
stake held by Mazier Estates, 
property company and owner of 
Chelsea and Fulham football 
mounds, in Sedbrie Holdings, 
USM-quoted demolition group. 

Freehold advanced the 
£875,000 with which Marier 
bought 17.5m Ecobric shares, a 
64 per cent stake, in April If the 
option is exerdsed, Marier stands 
to make a profit of 52.15m at no 
risk to itself 

The option also covers Mailer's 
right to subscribe for an addi- 
tional 2.6m shares. It is condi- 
> tional on the reverse takeover of 


Ecobric by Zurich Group, pri- 
vately owned property and hou- 
sebuilding company, going 
through and Ecobnc shares 
resuming trading. 


They were suspended at 75p in 
gh Zurich's offer a 


July, although 

month later was based on a nom- 


inal share price of 70p (valuing 
wtentxai 


Marler's actual and potent 
holding at £l4m). If the bid docs 
not proceed. Mailer wfll repay 
the £875,000 advance and split 
equally with Freehold any prof- 
its on the Ecobric stake. 

Mr Robert Noonan, Marier 
executive director, said the 


option agreement had been 
planned i‘ 


I since April 


DFC Overseas Investments Limited 

Cayman Islands 6raiarfi 
ILS. $ 100 , 000,000 

Guaranteed Undated Prlmaiy Capital 
Floating Rate Notes 

GnarantMdbr 

Development Finance Corporation of 
New Zealand 

fm — bij w to » uto» «*t^ow<Vtor lMlw4 


Nodes b hereby preo dot the Ram of bnersa Ins been fixed at 7-B1 25% pa. 
and- ths the mens payable on the relevant Interest Payment Date. 


Hay 31. 1968 against Coupon No. 4 in respect erf U^£J0.000 


nominal of the Notes wfl be UAS397I4 aid in iwpea of Ui$ 250.000 
nominal of the Notes vrSbe UAS9.928-39. 


November 30. 1987, London 

By: GtAsnk. NA. (CS9 Dept), Agsnt Bank 


OTlBAN<€$ 


© 


BankofTokjfo (Curasao) Heading N.V. 

£30,000,000 

Guaranteed Floating Rate Notes Due 1990 

unconditionally guaranteed by 

Hie Bank of Tokyo, Lid. 


toaoaxdan« with die provlskms of the Notes, notice is herrijvmveti Z 

the raw of mieresi fcr tire three months period 26th Nov^nber, — 
1987 IO 26th February. lQftft. has Iwn « ou. - ■ 


2 1987 to 26th February. 1988. has beer, - 

_ ^ lhe ?^ ore ^ Payable °n 2<kh Febru^. ™ 

l^?-.tL 15471 P^lf 01 ? 00 ^ Ntxes nominal and m 

— £115-47 per coupon from Notes of &5JOOO nominaL 


S.G. Warburg & Co Ltd. 

AaentBonk 


/“I 


Mr Roger Levercon, Ml T# chW 

- . . ■ m ..wlnat ftraa ataniorf 






KLEINWORT BENSON LONSDALE pic 
US $100 million 


Primary Capital 
Undated Floating Rate Notes 


US $125 million 
Primary Capital 

Undated Floating Rate Notes (Series Two) 

For period 3(kh November 138D to 31 St May 1388. 

all the above Note* will carry a Rate fato*ert*tf7"K»per cent per 

annum tirifh a Coupon Amount of US 8403A9. 

OomcalBauk fKnavmw/NhLlnmTBi 


Agent Bank 


•t 




frncoRpci 



WWWJtt 1797, London . 

By; Gftxinfc, NA. (C5SI DepfJ, AgatrfBcmfc C/77BAAKQ 




r X 

> 

w . 


vt 


'* . 












ejects 


% 

nt s 


Financial Times Monday November 30 1987 


Business and Management Conferences 


DIARY DATES 


PARLIAMENT 




vau- 


StG *hr % 

? £ JS 


November 24 

The Henley Centre: The UK 
economy - the next five years 
(01-353 9961) * 

Cavendish Conference Cm 

. . _ tw% London 

November 24 

The Institute of Taxation: Tax 
planning for individuals and 
trusts (01- 235 9381) 

RAF Club, Piccadilly W1 
November 26 

Leasing Digest Conferences: 
Looking forward with hindsight, 
(01-230 3288) 

Grosvenor House Hotel, 

London Vl 

November 26-27 
Central Computer and Telecom- 
munications Agency, HIS Trea- 
sury: European conference on 
the use of knowledge-baaed and 
expert systems in government 
(01-868 4466) 

Gatwfck pirtyi 

November 27 

The Textile Institute: Protecting 
and exploiting creative Ideas in 
the textile industry - conference 
and seminar (061-835 3067} 

Holiday Inn Crowne Plaza 
Midland Hotel, Manchester. 


November 30 

1BC: Recent developments In 
EEC competition law (01-236 

London PreM CeatreJECi 
December 1 

National Economic Development 
Office - Consumer Hectroninqs 
BDC: Automating the 

home now and tomorrow 

(0273 722687) 

Royal Garden Hotel, London 
December 14 

Financial Times: World Telecom- 
munications (01- 926 2323). 
Hotel InterContinental, Lon- 
don Wi 

December 1 

Waters Information Services: 
Technology issues In 24-hour 
trading ( NY 607- 772 8086) 

Hotel Parker Meridian, New 
- York City. 

Decembers 

The Watt Committee on Energy; 
Renewable energy sources (01- 
3796875) 

The Royal Institution of 
Great Britain, London Wl 
Decembers 

CBI Conferences: Financial Ser- 
vices Act H (01-379 7400) 


_ Centre Point, London, WC1 
December 84 

Financial Times / British Ven- 
ture Capital Association: Venture 
capital finandal forum (01- 925 


Hotel Intercontinental, Wl 
December 34 

Institute of Directors: Fighting 
off the predators - or becoming 

one yourself (01-839 1233) 

116. Pali Mail, London 
December 7 

CBI Conferences: Winn ing part- 
nerships - success through aca- 
demic/industry collaboration 
(01*379 7400) 

Centre Point, London WC1 
December 7-8 

The Royal Institute of Interna- 
tional Affaire: Energy 1987 - The- 
itew market equilibrium? (01-990 
2233) 

10, St James SqnareJLondoa 
SW1 

Anyone wishing to attend any 
of the above events is advised 
to telephone the organisers to 
ensure that there has been no 
changes in the details pub- 
lished 


TODAY 

Commons; Housing BUI, second 
reading. 

Lords: Lerwick Harbour Order 
Confirmation Bill, third reading. 
Coroner's Bill, committee. Copy 
right, Designs and Patents Bui, 
committee. Motion on the Mer- 
chant Shipping (Passenger Ship 
Construction) Regulations, 1967. 
Select committees. Public 
Accounts. Subject: National 
Audit Office, estimates and cor- 
porate plan; Northern Ireland 
Audit Office Estimate. Witnesses: 
Sir Gordon Downey, Mr L.V. Cal 
vert. (Room 16, 4.45pm} 
Earopean legislation. The 
Copenhagen package. Witnesses. 
Mr JohnMacGregor MP and Min- 
istry of Agriculture officials. 
(Room 15, 5pm). 


TOMORROW. 

Commons: Education Reform 
Bill, second reading. 

Lords: Criminal Justice Bill, 
third reading. Farmland and 
Rural Development Oil, commit- 
tee. 

Select committees. Dartford- 
Thurrock Crossing Bin. (Room 5, 
10.30 am). 

European legislation. The 

Copenhagen package. Witnesses: 
Mr Peter Brooke and Treasury 
officials. (Room 16, 3 pm). 
Parliamentary Commissioner 
for Admlnstratfon. Reports of 
the Health Service Commissioner 
tor 1986-87. Witnesses: Bradford 
Family practitioner Committee; 
Oxfordshire Regional Health 
Authority (Roam B, 4.30 pm}. 


WEDNESDAY 

Commons: Opposition debate on 
the burden imposed on the real 
economy by Government poli- 
cies, followed by debate on pro- 
tecting fives at work and In the 
community. Debate on the selec- 
tion and appointment of Com- 

moms select committees. 

Lords: Debate on the world 
economy and its effects an the 
UK. 

Select committees. Dartford- 
Thunock Crossing Bffl (Room 5, 
10-30 am} Public Accounts The 
torpedo programme and design 
and procurement of warships; 
control and management of the 
Trident programme: Witnesses: 
Mr Peter Levene, Ministry of 
Defence, and Sir Gordon Manzie, 


Property Services Agency (Room 
16, 4.15 pm} 

Joist committee. Private bOl 

procedure (Room 3a, 5 pm} 

THURSDAY 

Commons: Debate on outstand- 
ing reports from the Public 
Accounts Committee. 

Lords: Copyright, Designs and 
Patents Bill, committee. Air Nav- 
igation. (Noise Certification) 
Order, motion for approv&L 

Select committee: Dsjtford- 
Thurrock Crossing Bill (Room 5, 
10.30 am} 

FRIDAY. 

Commons: Private members' 
motions. 


CLASSIFIED 

ADVERTISEMENT RATES 

Sovtr 

*w akrttt 

<W OB 

Anti fam, 

3 final 3 ami 

j epota neca . 1ZJ0 4 SU» 

Commer ci al and 

Mnstrial Property 1Z00 4LO0 

Sltoday Property &00 2SJDQ 

gedfcntW Property 930 32JJ0 


^ j g g rt raH tt 13JJ0 4400 

&WWWe6 1200 4L00 

Penone 950 3200 

Motor Can, Travel 9 lS0 3200 

Contracts, Tewkn 1200 4200 

Book Page — 2200 

PaaH — 3000 

Pnwdani ptoWon nallaWe 
£9 par Single Cohan cm am (Mia 30 end 
A0 prices otdnfe VAT 



Trade Fairs and Exhibitions: UK 


Current 

International Building and Con- 
struction Exhibition (01-486 
1861Xuntil November 28) 

NEC, Hmingiuua 
December 1-8 


December X culture Machinery Exhibition 

Retirement Exhtblttanr-SEXtRE* (01-235 0315) 

MENT (01-387 7878) Earls Court 

The Barbican Centre* December 8-11 

International Bus, Trade and Car 
— - Product and Manufacturing 

UUU9Ur O-e Tarhnnlnmi CVVifhih'nn onil Cnn. 


December 1-8 - . Product and Manufacturing 

International Trade and Services S* 6 ™® , . _ Technology Exhibition and Con- 

Exhibition and Conference - in the 90s ferenc^-AUTOTECH (021-780 

dvdadt mi _W7 iaqb\ •Exhiltitinn - TMA 9n v 


EXPORT (01-727 1929) 

BatincM DedgaCentreJen. 
December 1-5 

World Travel Market Exhibition. 
(01-940 6055) 


‘Exhibition - TMA 20 

Metropolitan Exhibition 
““rS; HalLBkighton 

Exhibition 

December 7-10 

Olympia Royal Smlthfidd Show ft Agri- 


December 18-19 

Cash and Carry Fashion Fair 

(01-727 1929) 

Kensington Town Hall 


Notice of Partial Redemption 
to the holders of 

Compagnie des Bauxites de Guinee 

U.S. $30,000,000 
8% Guaranteed Bonds Due 1990 

NOTICE IS HEREBY GIVEN that pursuant to Section 5.01 of die Indenture dated December 31, 1972, die Company will redeem 
U.S. $3,000,000 principal amount of the 8% Guaranteed Bonds due 1990 at 100% of the principal amount (the "Redemption 
Price”) on December 31, 1987 (the "Sinking Fund Redemption Date”) when interest on the Bonds will cease to accrue. 

Serial numbers of the Bonds called for die Sinking Fund Redemption are as follows: 


Overseas Exhibitions 


n on Feobrict 


November 24-27 

World of Concrete Europe Exhi- 
bition (0923 778311) 

Brawds' 

November 25-28 
North European Electronics. 
Electrical Engineering and 
Power Transmission Exhibition - 
ELECTROTEC (0202 687070) 

Himbiirg 


December 241 
International Safi 
rity Fair- F1SP (01 


December 84 

World Print Exhibition and Con- 
gress-WPE (01-940 3777) 

Bern* Kong 

FINANCIAL 


December 9-15 

and Seen- Optics and Glass Exhibition 
>0877) (01-439 4452) 

Sao-PMk» Beijing 

December 10-18 

, _ Heating, Refrigerating and Air 
n and Con- conditioning Exhibition- INTER- 
7) _ CLOfA (01-225 5660) 

UmgKou* ' Parle 


TODAY 

BOARD UEETWQS- 


WHMWII 

TMjWHoum 

Atoron 

Anwr.Bw.Sytt. 
Condon 
London Sacs. 
Monts (WtnJ 
OMoaSBstt. 


DIVIDEND & INTEREST PAYMENTS- BOARD MEET* 

Aca Balmont Int. 10% Prt 9p Pkate 

Afan (E.) BaNour TMVi OabuSr/BS aSTBpe ‘ Boatrl* Mho* 
Afahyana IH« Pit ISOS a Barry that 

Oo.7M%Prtae2Sp OuncJaa A London 

Amdahl Sot*. UadaOrp. 

Anchor Chanac* 6% f*L 1.000 h te ite r. 

Anglo NonSc 10% Cna. Una. Uv iSSSSpe ABad Cteokto 
Annop. Bro*. TVS, tat tog: Ote.aattO ’ 

tonil4> BtomnflhamMM 

Banoo da toianoo Abas Rig, Rato Nto. 1989 


tinted Rant* AMea2£ctm. 

WSda Potts. 10% PrL Sp 

Wagon tad. 3H% M. <L87He 

Waicar Oraanbank &Gp 

WMa Fargo rag. Rata Sub. Nta. fflss 

tfli VT 

TOMO RRO W 
COMPANY MEETMGS- 
AB Etocsnfe, 8t David* MS. CanflR, 1140 
Mangmaao Bronx*. 1 Low lea, EjC. 

MwAm H aumMP t ** . tnateito o> Cl% 
laid il ta M Mtt U camato. IMP 
Thorps p.W). Hi* D brabi g i i aro Chambar el 
canmam A tod, 78 Harttem* Road, ah, 

m to tttaw, 8.1B 
BOARD MEETMOS- 


Rcwtw w u iB i war. 3%% Cons. l.78p 
Sava 1 Proox. tinted to*. KAlp 

SchRMtor Btabal 0% Dm 84/99 ape 

8eotMorLATBL0Jp 

Sank* Eng. 091 p 

8lh. B toMbHto tea WV. 3tt% iJSpo 

DaA4£%2^6p 

DolB4J%&45p 

DO.C4SH.ZA6p ■ 

Southampton Harbour 0% Rad. as/90' 
SSTSpe 

•MW Ttt. SH% Dab ss/m S7Spe 
8un ABanca lOp 
TR Australia Tat. S% Pit 1.75p 
TR Trustaas Corp. PTT. l&TSp 

TmtEHm2tdt, . 

Tharps (F.WJ 3. Ip 
Tod 2Jp 

USUFE Carp. SScta. 

Ifntan Cartahto STBcta. 

Vhtt HMdb. 7% Prl 2ABp 
War SH%Ln. I.TSpc 

Wttrny . Mam A Ttwn OU% Rad. Dab. 
■M/B3£378po 
Do, Sh% Rad. Dab. &SSjpc ' 



14714 1SS3S 
14717 15542 

14727 

14731 

14732 
14740 
14790 
147SS 15827 

14757 15834 



14783 15SS3 
14785 15877 
14788 15682 
14790 15688 
147B1 15601 


& 





Brn* of BarodS FBfr R«* Ma. ISM 

$200.74 

Bank of Conangnicaflana Fttg. Rat* Nta. 

1893 $401-48 

Banhara Sw. &S% Prl. 1 JSpo 
D0L4%Farp.0ab.2pa 
Bristol 11 H% Rad. 2008 S7Bpe 
Bfftanola Arrow 6*% rtt 23S2Sp 
BrOMt Alcan AkanMwn 10%% Oab 2011 
5.187B0C 

Bryant Htoga. 8% Prt. SJSp 
Cntaa Band da Papoatooa FBg. Rato Dap. 
Ntt. 1004 8401^*8 

CamtoB (W) 7»% Una. In. mfiO SJBpo 

Capaio toda. 0>5p 

Do.8%Prt.42p 

Cap 6 Coumiaa 6W% 1st Mtg. Dap *5/2000 
3497Bpc 

Carlton tods. 7% Pit BAR 
Cator Alan U8 Ddtor toe. Pig. Rad. Pit 
I7cta- 

Chaaa Manh a ran Rtg. Rato Bub. Ms. 1M7 
$18881 

Chamlcat Navr Ycrtc F*g. Rata Banlor Nta. 

1MB *8351 
Clarkson (Horaca) 3p 
ConUnantal $ (nd. 5U% PM. 1B2Sp 
Do. 5b%Rad. Dab. 83/8B 2.7Spc 
Cropper UJ 0% Una. Ln. 04/88 4Jpo 
Itowaon ML 7% Dab. 86/80 38po 
Dol 7%% Dab. 8^90 ITSpo 
Do, 1(Rt% Ott> 9086 &87Spo 
Duntop Ptanb. 5%P»f. 2.1 p 
Owton Qrp 12% cm. Rad. Pit 87/02 8p 
Eadla hbdga. iU5p 

BaoL $ Ban. 1M% Dab. 201 1 BJ7Bpe 
Fundtovaat Siflp 

Qaoatoar 10% Cm. Una. In. 801/88 Spe 
Geoetaad PiM 7% Cm. Rad. Pit S5p 
Ot- Am. FMt Svga. Bk. Ifica. 

Bmona Ktog 5 Sana 8K% Una. Ln. 88/98 
3.125po 

Outline Corp. 28p 

HB Samuel Pwp. FOg. Rata Nta. 8401 M 
Host ip 

Home Brad 7*% Una. Ln. 85/2000 SJTSpO 
HydroOiabao 16% Ln. 2011 78po 
Imp- Cnam. 7%% un*. Ln. 99/91 8878po 

IrMctB GWt Inc. Pig. Rad. Prl 30p 
BatyFfc- Rato Nte. 2005 88X51 
Jamsy Oan. 5b% Prt &75p 
Jova tov. toe. 2B47p 

KMnwxt Banaon OR Pd. Pig. Rad. Prt 
28A3P 

KeiM DKhangs Bk. Fttg. Rata Ms. IBM 
813842 

IMkrRtMdga. 1J25P 

Law Dabsntura 4% 2nd Dab. 78/88 2po 

Do. 4% aid Dab. 88/88 Spa 

Do. G% ana Dab. 93/88 £5po 

Labm Mr. 7% Cnv. RtoL RrtXSp 

hw a atmanta MV OKL Rig. Nta. Now. 1888 

London A European 10%% Una. Ln BM 
52Spo 

McConjuodato 8b% Una. Ln. 9Q/9B 3.12&P0 
Do. ft%% Una. Ln. 94/90 4^5pc 
Mamcom ML 10% Cnv. Sea Ln. 1988 Gpe ' 
Horn si, i.8p 

mum 14% Sub. urn. Ln. 02/07 7pe 
Mustortn Orp. ip 
NCR Qtt. 4% au. Ln. 98/B0 2pe 
Dol 8%% QCCL Ln. Sa/B842fipc 

Norbwm Foada 7K% Dab. 86/80 aSSSpc 

2? flJK) 9» Cnv. Una Ln. 87/92 4Jpo 
OJC Bazaars «% 2nd Prt. teto. 

Cgtvy Group Zlcta. 

Osacvy Estates (Lip 

Oawraioblache Landarbank AO nip Me 
Sub. Nta 1884 820074 
rartoga Mng. 8 Exp. A80.1 

PM MdO. 5H% cnv. NV Pif. 201p 
Pau^am ^aa >o tSte% Dab 84/89 gJ6pe 

Quarto Orp. IJSp 

RadamacILSp 

Raabum 5% Prt 1.73 b 

DCl 4VM Cnv. Una Ln. 7MB 12Spe 

Rosahaui^i 11% 1st Mtg. Dab. 20U8Spo 

Rua t anfaurgPiaLOOcta. 

Ruttand Ttt. FHg. Rtta Una. Ln. Nto. 87/88 
125pc 

SUnttwy (X) 6WK 1st Mtg. Dab. 8*88 
825pe 

St Uodwan Props. 8SS%&d Pit A28p 
Sava S Praop. Ratum of An ew ton. *3- 
183% Ptt.PfcJ.4Jp 

Seanro 7h% Chv. Rad. ftt SJTto 

Soml Agrto. 7%% Dah 80|/B2 S8MB* 

SBttLTVMB 

Steam PkL 5% Prt. 1.75P 

Btandwd Bk. Mpl 8 E*l Fto. QbL fta. 

Roe Nta 1992 E1S7B2 
Stoddard 4% Prt. 2p 
TR CNy of London DM. OS«p 
T.Y. Rnance 11%% Out Dab. 2018 
SjQGBZpC 
Toko ip 

Dn. Cnv. uns. In. CO/OT 4Hpe 
Tljogrrorton Trim 12%% Dab, 8010 

TanMnn fill WL Cm. Una. In. 1994 


Cnwr ' 

Capa ML 
Drummond Grp. 
FkehtanBGen. 
OanatttBacMc 
Mm Motor 
Ora ototoi 

Hogg. Rob. 8 Oardnar as. 
■toBMjrtn Monte 


Lyons ktah Htoga. 


WaatRandCona. 

Divioe«j $ Brramsr payments- 

Aaic. Mortgage 4»% Dab 01/91 22S0e 
Ahnwnaon £H>.l 22cts. 

Aflsa km. S% Prt 1.75p 
AMkan Hums ISp 
Amarloan Brands 5Gcta. 

Amartean Qanartt Onrp. BIBBota. 

BM Group i^p 

Bmfccrf Montreal 16 %% Dabs. 1901 8-128po 
Btanotwrda 2B5p 
Bn dBia Ha Cnv. R It 81*4p 
CNAOaloS% Prt. Seta 

Cater Adan 5% Prt 1.7Sp 
On 4J% 2nd Prt. *-1p 
Croda tot.3.4p 

Dana Es t at es 1W% 1st Mtg. Dob. 2012 

4J42&PO 
Date Group 24p 


— W ad B%% RacLDab 87/82 S-125pe 
Oa 6tfc% Rad Dab. 88/91 3JSpo 
TNHoht tJJ 4%% PlL ijTSp 
Yeung Srevr. BW% Utn. Dab. SWB08J8BD 
weJwesoAYDecevflfei 
COMPANY MCETMSS- 
ABad London, The Mi on Tha Paric. Hant 
tan Placa. Park Lana. W, 12 j 0D 
Baaaart&HJ. tits Ottk—. Bath. iaao 
MBdmto a to r.BW M M i aaComLB.WL. nJO 
BOARD MLfcUNOB- 
Vtatoe 

Angte Sacur* Homos 
atySHiEatoto a 
Battcht 8 Sattct* 

AngtolNd. 

AmyaOtpu 

Latham (J.) 


OtVIDBO 8 NfT—BT PAYMENTS- 
AB D a cho nfc . lOJp 
Anttp Amar tea n bw. 886651 So 
BAftnda. 1214% Una in. tOfiS 8.125 

— lfRpm rTopt.up 
CowrfB Id 
GM mtfiMr.lJGp 
Osnard S NatMMte 
Hay (Norman) i.7p 




t Surrey Wtr. A 7% 86p 
Do. C 35% 1.78p 
DaB4ML4Sp 
Dp.8fi%Prt.1.75p 
Do. 4J% Rad. Plf. 80/80 2.1p 
Do. 5B% Rad. Pit 82/94 2Bp 
BBS 8 OokL 8% PH. Pit. 14Mp 
Eng. Chtos Ctoya ft Una Ln. 98/03 S5pd 
Do. 7b% Una Ln. 98/98 8.78pn 

atdt 2 p 

Handng M a roan tta 4K% Parp.DteLS.1Mpo 
Ford Motor lOOots. 

Foreign 8 CoL 414% Parp. Dob. 2.12Bpo 
Dol 4«% Dob. 82/87 2.128PC 
Do.7W%Dab.8B/94X826pc 
raster V* 

Ftdar. Smith 8 Dinar 7W% Itt Mlg. Dab. 

93/88 3826po 
Oarton Bng. 1 JBp 

Ban. Coneoldatod 4%% A M. 1-4875p 
Ganttnanca NV iin8% Ln. 2007 (Rag4 

te r35* Ln. 2007 flWJ8.740pe 

Gowtt Attentle tf% PitlJSp 

Do. 4JS% Prt 1S75p 

Da.5W%PtLlJ825p 

GovottOrtonM 05p 

Do. 6% Prt 1.7Bp. _ 

Kambrttt Inv. Ttt. 3*% PHt 1 JSOp 

Hanknac A$OjBS 

Hwrto (P^ 7H% Prt 2828 b 

Da8%Prt28p 

Moms Bros. 7% Prt 248B 

BMOorpn. 11% Nta 1/12/80 (LSpe 

HI tot iSon. 

aingrvort h Monto 7% Fit 1 J«p 


Ladbrote 8% GkL uns. Ln. 80/82 4pc 

Scott A Rohattaon Ip 

TSWIBTp 

TMtd Mte bar. t JBp 

THURSDAY DECaUBBI 8 
COMPANY MEETWBS- 
IWiitn, The Peat House, Boataete 
6andto ora.No u aiQtem.8JD 
BOARD M CCT 9I US - 


HanaanThat 

RHP 

Thtotlyle 

TunataS 


Cart a s* Capal 


Ma rth a to 
RpteSk. 


800QnM> 

OMOteiD 8 INTEREST I 


Baton (Percy) 4Jp 
Da Aca 0.ip 
House trt Lsroea ap 


t l a 0 ^ , 


tiavi* 8 AmoM 7% Rad. Prt. 243p 
Tdomm 11% Ok Una. Ul 85/06 SSpe 


k*. toe. Prop.28cte 

toL Stoed Brotenga ol UK 8 RSPl of aatond 
7H% Mtg. DabL 90/98 192Spc 
jmies (A) A Sana 8%% Prt 2J278p 
KtrkJaas Metropclten 1145 Sid. 2081 
BJBpo 

Klabwrori Chartar 0% M 1 J8p 

Lament Hdga.2p 

Law Dabanture 4K% Pool Dab. SJttpc 

Laa vaasy wv. as% irep 

Do.2B%1.4p 

Da 2B% Prt. 1.40 

tegttSBanaralSJp 

Lotte (JJ5%Prf. I.TSp 

Do. 71t% Rff. 2.82&P 

Ltotar 9% Prt. 1-73 p 

S^°Sk!S^9%Prt.2.lB 
SnSnCouni^WL Cong 1820 1-28jpe 

Da »% Cora. 1920148 
MterntMto^' M* Deb. SaflO 1J8pC 

Monks tavaat 11% OtoJOWJ&o 
Moraanto 8% OkL ULjJWafl* 

Da BMrtfcGtB. In. 0aWM2Bpo 
Rteiay Income TSL6% Dab. 89/98 8pc 
Murray Smalar uo. 4.1% Prt. 2-08p 
Ontario A Cktabae Rateay 9 % Rmbl OMl. 

Da«LCte-3pa 

tatamndhinr. 85% 1.78p 

RMCSJp 

RPH4% PrL1j4p 

Dol 8% Pit 2Jb 

Raad(A4ro 

DaANVap _ 

Road bdL 4*% Rad. Frt 1J5T& 

Do. 5h% Rad. Pit iJKSo 


WM DAY06 CBHBB14 
COMPANY MOTMM. | 

May (Bon), teri pi Doncaster Hot*. Ban- 1 
notthorpa.Donoasiar.aL0O 
Bwgea* Group, B tet ehl ay Grange Hotel 
O teto to ay Lana. HhtcMoy. La to attattete b 
1280 

Hatotaad p J, Portend Hottt. Mttxteator. 
1200 

Htaltead Dtoto, Tha Royal Bee— Automa- 
tes CMS. 11. g ytoetmo d Square. Oh*-. 

gow .1200 

Pochto-e. Breote LansL MawiidnU. Chaste, 

» rv7 


London 8 Overseas 
Merrydown Wfcw 



RoteS Noton 

DlVDBte 8 MTB«SY PAYM91TS. 


10919 11671 


10947 11700 

11707 
11719 
11721 
11725 
10982 11726 

10995 11729 

11730 
11742 
11001 11744 

11015 11747 

11017 11753 


18572 14604 

1S573 14617 

■14618 
14619 


14647 
IMK 14649 
13611 14650 

.14653 


14678 
19831 14679 

13849 14882 

13643 14682 

14701 
.OTW. 14705 
13665 14710 

13688 14713 




16435 
16440 
16442 
15480 16444 

15472 16527 

15473 
15487 


16546 
15518 16550 

16551 

16554 
15525 16556 

15532 16557 

16563 



19971 
19982 
19996 
16952 20002 

18959 20028 

19963 20032 

18965 20039 

16966 20045 

18969 20040 

16970 20055 


Eteorteeporl Bk. o* Korea FHg. Rato Nto. 

Dec. 1996 *397.14 
Falcon Mhrosaocto. 
temot Socl T 6p 
OB Mil 19cta. 
l l ttetoa d (J.)4p 
Hondwaon Grp. 8£k> 

HopHnaons Ip 

IBMOorpn. Bug. Rato Yan4tol Nto. 4/13/96; 
LBeehol 0.7Sp 


Mt ap to 0-76p 

Mar(Stontoy)04> 

Han Taritoirt Fbg Rato 


Nto. 1996 938M5 


SUMB4P 

. StondanlCBmrad Und.Ma.Cte. (Bar. 

$38206 . . 

U nd anaoodalp . 

Vanbrugh Curaray FA Pljk A Rad. Prt 4Ap ! 
Da Ptg. B RhL 4lS0 

Youiq Brow. A 45p 
DaNVASp 

SATURDAY DECBteER 6 i 

XHVDODS INTBIEBTPAYManR- I 

Bertram kK l.lp 
Baaiaana 1 J6p 


Repayment of the principal amount will be made against presentation and surrender of the bonds with all coupons appertaining 
thereto after the date fixed for redemption, at the offices of any one of the followingrpaying agents, 1) The Corporate Trust Office of 
Bankers Trust Company in the Borough of Manhattan, New York, Z) Bankets Tnist Company, in London, 3) Bankets Trust 
Company, in Paris, 4) Banque G£h£xale du Luxembourg, in Luxembourg, 5) Swiss Bank Corporation, in Basle, 6) Banque Indosuez 
Belgique, in Brussels, 7) Deutsche Unionbank, in Prankfurt/Main, 8) Banca Commerciale Italiana, in Milan and 9) Amster dam - 
Rotterdam Bank, in Amsterdam- 

Accrued Interest due on December 31, 1987 will be made in the normal manner against presentation of Coupon No. 15, on the 
next payment date, being December 31, 1987. 


VIBankersThist 
Li Company, London 

30th November, 1987 


Agent Bank 












































































































ft** Mir.-. 


^ V S!W 



Fu^ncial Times Monday November 30 1987 











































































































































































































































I n'ti 9t| I* cececEecEee^ 




















































































34 


Financial Times Monday November 30 19S? 


LONDON SHARE SERVICE 


INDUSTRIALS (MfeceL) - Cant*. 


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11 2J IS* 
11 5J U1 

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• 

• 

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36 

APPOINTMENTS 

Financial Times Monday Navcrnbcr 30 1987 

f i — — — j 

m 

[ : ^ 


GRANVILLE 


SPONSORED SECURITIES 


USB te.BrfLtad.Ort_ 
- teBM.lad.CULS. 


938 CCL finwp Ontarr ~ 

IMS CCL Snap 11% Cow Pief — 

18342 OrtanartwOrt 

738 CatmrmfcM ?4M Praf 

2676 George Bbfr 

M53 fafaCmp 

9974 JxfcmGrap __ 

26512 Hritten H.V.(AMSE) 

1*250 RoartKohfteCSE) 

2916 feoortH)dBilO%Prf(SB 

Sn RobmJw*ta* ______ 

5580 

5J95 Tt«hj & Cwffato 

30$5 Trcriai HoMhp (USD) 

10000 llteck HsMogs (SE7 

46350 WtfKr tenter C5D 

4714 W. S. Yeans 

4240 Was yorio taUtap (USU}-^. 

Soeortli** dotgam) (SO and (IISM) ara d 


Price 

0 *ri 

ooMtek 

Gran 

*r( 0 ) 

YWd 

% 

WE 

202 

+2 

8.9 

44 

74 

207 

*2 

10.0 

45 

- 

32 

0 

A2 

m 

45 • 

60 _ 

♦1 

21 

3A 

U 

157 • 

.5 

2.7 

1.7 

268 

150 


4L7 

3a 

120 

260 

0 

115 

45 

49 . 

135 

0 

15.7 

1 U 

. 

144«d 

-5 

5A 

3A 

125 

104 

0 

107 

103 

- 

145 

-5 

X7 

26 

3.7 

81 

-4 

- 

- 

- 

SOrtl 

-5 

M 

3-8 

9.9 

340 

+20 

- 

. 

135 

65 

-Z 

01 

. 

131 

MB 

-7 

141 

na 

- 

58 

■1 

. 

. 

26 

124SS 

0 

55 

44 

49 

204 

-4 

65 

31 

9l9 

71 

0-1 

08 

U 

65 

50 

-3 

28 

M 

9L2 

165 

0 

5.9 

34 

122 

202 

♦2 

17.4 

06 

208 

US 

-5 

55 

46 

127 


L hi sajid to thr roles tad irgabtJcns of 71 k 
! dsak ta object 10 the rahs of F1MBR* 


GixnviQc& Company Linuicd Gntnvflle Davies Catanon Limited 

8 Lava Lane, Londoa EC3R 8BP __ 8 law Lame, London EC3R 8BP 

Telephone 01-521 221 2 fH Telephone 01 -«1 1212 

Member of FIMBRA “ Mmhrr tf the Stock Earhat i aw 


Member of the Stock Exchuge 


oi treasury 


First Chicago Overseas 
Finance N.V. 

U.S. $100,000,000 
Guaranteed Floating Rate 

Subordinated Notes due 1994 

For the three months 27th November, 1987 to 29th February 1988 the 
Notes will carry an interest rate of 7%% per annum with a coupon 
amount of U.S. $200.73. The relevant interest payment date will be 
29th February, 1988. 

Listed on the London Stock Exchange 


BankersTrust 
Co mpan y, Londoa 


Agent Bank 



THE KINGDOM OF DENMARK 


£100^000,000 

H oufcfl Bala Notes dual 998 

In accordance with the provisions of the Nodes and the Agent Bank 
Agreement between The Kingdom of Denmark and Citibank, N A., 
dated 22 November, 1983, notice is hereby given that the Rate of 
Interest has been fixed at 9.1 875% pa and lha* the interest payable 
an the relevant Interest Payment Date, February 29, 198% against 
Coupon No. 1 7 will be £1 ,1 79.82. 


November 30, 1987, London 

By. Citibank, N A, (CSS1 Dept), Fiscal Agent GrT/BAAKQ 


Mr Stepluu Crompton has 
been appointed director of trea- 
sury at the BEECHAM GROUP. 
He will be Joining at the end of 
the year from Unigate, where he. 
is group treasurer. Mr Michael 
James has become director of 
finance (operations) in succes- 
sion to Mr Paul FtsUmrn, who 
is retiring. 

THE BRITISH FRANCHISE 
ASSOCIATION has appointed Mr 
Tony Dutfleld, who has been 
seconded to the Association from 
United Biscuits (UK), as its first 
salaried director in a full-time 
capacity from December L 

* 

HOSKYNS GROUP has appointed 
Mr Steve Webb as divisional 
director in the financial services 

division. 

* 

Mr Christopher Bale has been 
appointed company secretary of 
w.H. SMITH & SON (HOLD- 
INGS). He joined the company in 
1965. and has worked in both the 
retail and wholesale areas of the 
company. He was made company 
secretary designate last Febru- 
ary. 

SIMON ENGINEERING has 
appointed Mr Robin Millard as 
managing director of its Stoke- 
on-Trent subsidiary, Simon-Har- 
tley, maker of specialised 
machinery tor the treatment of 
sewage and industrial waste 


watem. He was density managing 
director of Tflghman Whedbra- 
tor. Mr John Corbiabley 
becomes director and general 
manager with special responsi- 
bilities for projects and con- 
tracts. At Henry Simon, Stock- 
port, cereal milling and food 
processing engineers, Mr Phil 
McMahon has been made 
finance director and company 
secretary. He was finance raan- 


The TULLOCH GROUP, part of 
Alfred McAlpine Minerals, has 
made the following board 
appoi n t m e n ts: Mr David Philip, 
director resonsible for building 
work. Joins the main board or 
A.Tulloch & Sons (Holdings) and 
becomes managing director of 
Tulloch Construction and Carrie 
Industrial Services. Mr Ian Bev- 
eridge, formerly chief estimator 
for the construction company. 
Joins the board of Tulloch Con- 
struction. Mr Robert Hether- 
ington is appointed to the board 
of Tulloch Quarries. Mr Alan 
Henderson joins the board of 
Tulloch Plant and Mr Nell 
Cameron is promoted to the 
Tulloch Construction board. 

* 

PULSE TRAIN MARKETING 
SYSTEMS has appointed Hr 

Geoff Leary as managing direc- 
tor. He joins from MAI Basio 
Four where he was sales and 
marketing director. 



Mr Ian Courts, who becomes 
managing director of John 


JOHN LAING DEVELOPMENTS 
has appointed Mr Ian Courts as 
managing director, with Mr 
Mark Taylor and Mr Ernest 
Airey as assistant managing 
directors. Mr Courts was assis- 
tant managing director. Mr Tay- 
lor remains -finance director and 
Mr Airey was regional manager 

in ItfanrfKtef , 

* . 
Mr James Murray, formerly 
with ButterbaH Foods, has joined 
PATERSON-BRONTE as sales 
and marketing director. 


Mr Roger Six has been 
appointed chief executive of Ber- 
rows Newspaper Group and joins 
the board oi REED REGIONAL 
NEWSPAPERS. He Jollied Ber- 
rows In 1982. Mr George 
Downie has been appointed 
chairman of the recently 

acquired Independent Group of 

Free Newspapers. He also 
frfjconyg a director of Southern 
Counties Newspapers. He was 
managing director of South West 
CoiinH^ Newspapers. Mr Getzy 
Ablott, chairman and managing 
.director of Three Counties Type- 
setters and Printers, h as be en 
appointed to Borrows Newspaper 
Group Board. Berrows newspa- 
pers publishing executives Mr 
Brian DevaU, Mr John Harde- 
man, Mr Alan Josephson and 
Mr Soger Roach have also been 
appointed to the group board. 

* 

Mr Peter Tates has been 
appointed chief executive of 
SWAINS PACKAGING, part of 
the Jefferson Smuxfit Group. He 
was deputy chief executive at 
Sanderson & Clayton. 

★ 

THE BRITISH SHOE CORPORA- 
TION has appointed Mr Andrew 
Leslie and Mr Ed Spotter to 
the main board. Mr Leslie Joins 
as managing director of the fash- 
ion sector. Mr Specter will have 
responsibility for the European 
.sector. He Is managing di r ector 
of BSCs Dutch companies. 



November 3d 1987, London 

By: Citibank NA (C5SI Depf-L Agent Bank 


crriBAN<o 


The Chase Manhattan Corporation Q 

U.S. $175,000,000 “■ 

Floating Rate Subordinated Notes doe 1997 
Notice is hereby given lha! the Rate of Interest has been fixed a* 
7.81 25% and that the interest payable on the retevantlnterest Payment 
Date February 29, 1988 against Coupon No. 9 In respect of US$10,000 
nominal of the Notes wB be US$1 97 A8. 


November 30, 1987, London PJTIDAAf/A 

By: Citibank, NA {CS51 Dept), Agent Bonk U/ I fO/UV\GB 


UJS. $600,000,000 

Subordinated Floating Rate Notea 
Due May 29, 1998 

Notices hereby given that the Rate of Interest has been fixed at 7A875% 
and that tire i n tern al payable on the relevant Interest Payment Date 
February 29, 1988 against Coupon No. 7 in resped of US$10,000 
nominal of file Notes wilJ be US$1 9432 and in respect of US$250,000 
nominal of the Notes wifl be US$4358.07. 


November 3ft 1 987, London _ ...^ 

By: Gtibank,NA(CSSIDeptO, Agent Bank CTflBAN « ) 


FINANCIAL TIMES CONFERENCES 

CIVIL AVIATION IN THE PACIFIC BASIN 
The Pacific Basin, civil aviation's fastest growing air 
transport arena, is the subject of the Financial limes 
conference to be held in Singapore on 25 and 26 January 
1988. The rapid growth in the region is already imposing 
strains upon the airlines, airports and the aviation 
infrastructure overall. It will generate a massive demand for 
new aircraft and the money with which to buy them for 
many years to come. The aim of this *88 conference is to 
define thes problems and indicate possible- developments 
and solutions. 

Contributors to die debate indude Dr Chaong Choong 
Kong, Singapore Airlines, Mr Mftsunari Kawano, Japan Air 
Lines, Mr Frederick Bradley, Jr, Senior Vice President of 
Citibank NA, Mr Michael Jones, Director of the Hongkong 
Bank Group, Mr Horst Pohhnan, Vice President of Pratt & 
Whitney and Mr Sydney GiQibrand, Managing Director of 
British Aerospace. The conference has been timed to 
precede the Asian Aerospace *88 Exhibition, which will be 
held at Singapore Changi Airport, 27-31 January. 

THE FT CITY SEMINAS 

The Financial Times City Seminars have been very 
successful and 1 1, 12 & 15 February 1988 are the dates for 
the sixth briefing on the chang in g struct u re of the City of 
London. The agenda includes discussion of the major 
markets, players and developments in the business 
environment. An assessment of how the City withstood the 
storms of recent weeks will be included. 

Mr Win Bishoff of Scbxoders returns to the pl atform as 
opening speaker and among the other contributors on this 
occasion are Mr John Matthews of County NatWest Ltd, 
Mr Robert Guy of N M Rothschilds, Mrs Francesca 
Edwards of Morgan Guarantee Ltd, Mr John Atkin of 
Citibank, Mr David Suratgar of Morgan Grenfell, Mr Peter 
Rawlins of R W Sturge and Mr George Nissen of the 
Securities Association. Mr Marc Lee, Financial Times 
Conference Adviser, is to chair and the Rt Hon John Smith 
MP, Opposition Treasury Spokesman and Mr J A 
Donaldson, formerly of ICL are two of the non-city 
speakers who will be addressing the seminar. This 
programme is particularly suitable for company training 
schemes and the Conference Organisation will be pleased to 
discuss Mock bookings. 

CABLE TELEVISION AND SATELLITE 
BROADCASTING 

The Financial Times sixth c on ference on Cable Television 
and Satellite Broadcasting, to be hdd in London on 17 and 
18 February, brings together speakers from the main 
European Markets to review the future of the new media at 
a critical turning point in their development. 

The Rt Douglas Hurd, GBE, MP is to give die opening 
address and will speak on creating a broadcasting s t r u ct ure 
for the next century. Mr Michael Chcddand, Mr Anthony 
Simonds-Gooding, Mr Richard Dunn, M. Cyrifle Du 
Pdoux and Mr Jurgen Dotx are among the distinguished 
panel of speakers who will review the changes that are 
taking place in the whole media score. 

All enquiries should be addressed to: 

The Financial Times Conference Organisation, 

2nd Floor, 126 Jermyn Street, London SW1Y 4UJ. 

Tel: 01-925 2323 (24-hour answering service) 

Telex: 27347 FT CONF G Fax: 01-925 2125 




AMER GROUP LTD 


notice of general meeting 

Amer Giropfeonfinary general mectingshali 


hall Cl of the Helsinki Fair Centre at Rautafi elagcn& atu 3, 
I&F^la, 00520 HdsiriJa, mam entrance of the Congress nafl. 
The general meeting shall deal with . . 

1 foe matters specified in artide 15 of foe aitides of assoaatwrc 


C r np aaifficiu uieatuwiium ywwt . 

3 foe amendments to artides& 12, 15 and 19 oftbeartidea of 
association. 


- persons 64 years cf age and over may net be elected to the 

bt^ofdirectixs<fftothesup«3visotyboar&^ 

- the 1988 accounting period ends on 29 reoruay 1988; 

the recou nt ing period shall comnreoce on 1 March and 
end on the last day of the f (blowing Februaty; 

- thetirae limits stipulated in artides 15 and 19 of the articles a 
association shah be altered in conformity with the change in the 

.• ! 7 


Those shareholders who wish to attend the general meeting 
shall notify the company to that effect not later than 13 December 
1987 by telephone +35841-7577 261 or by tetter addressed to 
Amer Group LttL, EO. Bax 130, 00601 Helsinki. A shareholder 
who is not listed in the share register shall inform the company of 
his tide and present the respective documents. 

At the board proposal, the dividend determined by the general 
meeting, minus tax prescribed by law shall be payable at any 
frf frT of KansalEs-Osake-Rmkki in Finland from 21 December 
1987. 

The right to an exemption from the tax deduction or to a reduced 
tax expires on 21 January 1988. 

Copies of the documents relating to the final accounts can be 
inspected by shareholders at company headquarters in Kapyld 
from 8 December 1987. Respective copies may be sent to 
shareholders on request 

Helsinki, 23 November 1987 
BOARD OF DIRECTORS 


K mJ k mJA City Federal 

*1111 Savings Bank 

US. $75,000,000 

CoffsteraBzed Floating Rate Notes Due 1993 

Notice is hereby given that the Rate of Interest has been 
fixed at 76125% pa. and that the interest payable on the 
relevant Interest Payment Date, February 29, 1988 against 
Coupon No. 6 in respect of UJSL$25,000 nominal of the 
Notes wifl be U.SJ48I07. 


Novem b er 30. 1987. London ___ 

By: ddbank, NLA (CSSI Dope.). Agent Bank C/77B/WCO 


Qfvo to those who gave- pfeaso 


I =1 ■ l f* 


BRITISH LIMBLESS 
EX-SERVICE MEN'S ASSOCIATION 


APPOINTMENTS 

ADVERTISING 

&43 

per single column 
centimetre • 

Premium positions 
will be charged £52 

per single column 
centimetre 

For farther information 
call 01-248 8000 

Tessa Taylor 
ext 3351 

Dddre Venables 
ext 4177 

Panl MaravigUa 
ext 4676 

Elizabeth Rowan 
ext 3456 


On Nonmbar 1* DR Bra Bow* of 
Dkoctora at CofMor OomnwtttaKtaoi. 
Inc. ("CCT) dodnd ■ dMdend at ana 
JW* on math Ovuundtog ohm rt CCi 
Cannon Stock payable an December 7 • 
wr u ahmhcMam at iwort on mat 
dlo-EocnniBlT t ooiaiaort MU hotefOla 
taiy cm one-tMKkodtn of on* tere oi 
CO Soriin A Junior Pnrtdpoflng Pn»- 
tanod Sloe*. *100 pm value par than, at 
wwodM price par onoono hunetoOifi 
•flora ot SBO.OQ. 7ho fWofits «e oat bo 
mdMM. ImMw. and no couBcoim 
capraaorafng te ngtwwebocMeiilM 
to atwrafiokMra. ml a pram or ptwp 
aeqitea 20% or mora Of CCTo Caramon 
Stock or mgkn ■ tondra or t u fite 
aftar hr 30% or more of Bra Caramon 
Sock, ol u mare fURy dosaitofld in tho 
Hfgrai e^wmem pono W na » fto 
ntflrn. riBterti bo hrauadln raopoaol 
■H mm of Coramon Stock terad attar 
DoeoniiMr I t987b«prtxto lw oartarol 
Oocorabort SS7orttMdMan«i1iieMfw 
myna boeomo eotorcfcratto. Tho Rights 
tocpiia on Dosambor 7, 1987 and am 
radoomabto by CCf in conam dman- 
■nncoa prior id audt dart lor S04M per 
Right. Tho Memo of ttw RlgMs am aw 
forth fei Ifm Rf0Ma Agraamant a copy of 
wMeh ta nrtte for bwioeiion « CCTo 
prtndpalrtncaL 

CCUULM COMMUMOUIOM.Ha 


(tef Itork. Non Ytarfc KRQ2 
(213)218-7014 

Nmmoberir. fW 


COMMERZBANK OVBCSEAS FINANCE N.V. 
U.S4 mjooojooo 

Floating Rate Notes Due 1989 

h aoooiriwioe «M) Bm provWons of the Note* noOce Is hereby 
given gietIbrilieiNee n ionBw period kom»i(ow9 «n ber 27. 1967 lo 
Umy 29. 1968 the Notoa vOt cwry m Intoraet rate of TA% 
per annual wtti a coupon amount of U&S 19Si8a. 

FranMurtfMrtn, November 1S87 

COMMERZBANK 


£ 


XJr p <5 T A D r c 

200 GREENWICH AVENUE 

GREENWICH CONNECTICUT 



All stores fully leased to The Limited, VictonaS Secret. 
Bientanos and Connecticut National Bank 
tor 

g TRAFALGAR HOUSE 
REAL ESTATE INC 
through 

© 

Heaky&Bakerlnc. 

5 Ma rt a n e b mw ia Nt«i Wfc HT VK02 W:(2tqt3S72SI Fte4na)7SM3M 


TWa advmriMmMBt to bnMd in «BqpBmi(* wish Otc nqafmMnta of Om CcmocB of The Stock 
2 




Nov. 

Nor- 1 

Hoe. 1 

Hoe. 

2b 

1 25 J 

_ 24 

23 


I lt2 Mill It 1 » 1 f 1 !■ 1 ■ MM 1 I 1 I 
■■ . i 5 Wbs. Mgrn m rm m7m mm mw\ 

■■■■■■ 

■ M 1 11 'll ii* II 11 Mi '\M ii 1 IMiii 1 II 'lli 'll 






pfc, fanned «d now bcii« ioatMxL l» be admilted to Ihe Office Ust It H expected Out the 
ttefin my Sha wa w ill to adm&fad to tim Oflfcfal Uat op 3 Pcoanbir 1987 and flm .Imiw. »m 
nwninrucron that date. 


Nestor-BNA pic 

(Registered in England Na. 1992981) 

Placing by 

Hambros Bank Limited 

of 6,955,652 Ordinary Shares of lOp each at 75p per share 




U.S. $300,000,000. 




Wbodside Rnancia( Services Ltd. 

Qncorporatedln the State of WbtorfaJ 

Guaranteed Floating Rate Notes due February 1997 
Unconditionally Guaranteed by 
77ie Industrial Bank of Japan, Ltd. 

In accordance with the Terms and Cwdtkjna of the Notes, notoa Is 
hereby given, that for the Interest Period from "November 30, 1987 to 
February 28, 1988 ihe Notes wifl carry an Interest Rate of 7¥n% per 
annum. The amount payable on February 29, 1988 wfll be U.S. 
$4i779.0Band UL& $191.16 respectively tor Notts in denominations of 
U.S. $250,000 and U.S. SKMXJO. 

By: ThnChaaa Manhatt an Bank. NJL ft 

London, Agent Bank # jBw | 

November 30, 1987 


SHARE CAPITAL 


rioea in North West 


Issued and 


Authorised 

£51000000 


Ordhuzy Slum of lOp esefa 


Wfy pad 
£3,522,937 


^ rartk , ta M 411 ‘fividenda and ofe« firtributkm* 


The Stodk Exduu 
DecanbaI967fnaK 

Hulaas Bonk Limited. 


London ECZP2AA. 

Hendasan Crorthwrtte Limited, 

32StMuyatH0L 

London EC3P3AJ. 




tondbn EQP 2IX and ap to and including J4 


NeriorWAnk; 

North Place, 

£2 Greet North Bond. 
Hatfield, 

Hertfordshire AL956L. 


AlSed Pmvindal UadtaL 

100 West Nile Street, 

Gb«owGia(K). 


30 November 1967 

































WORLD STOCK MARKETS 


CANADA 


OVER-THE-COUNTER Mudo? national market. Closing prices, November 27 


342 149 

MB 190 

210 12* 

575 2» 

2U 129 

MS. 155 

220 126 

217 110 

309 130 

ltfa 10* 

397 197 

5® W 

S g 9 

123 73 

430 Z32 


S 

9% + % 

Big + % 
S2S +20 
18 ■% 
ia% m. -% 

11% 11*| Hi 

18 IB 
20 b 20b 
20b 20b +% 
#b *b '< 

|s* i 

•Ob 14 

tN W% +2% 

10b Tib + % 
340 080 + 20 


■1114 Bank Mont Sam, 25b 25b + % 

7D0 BomOrdrA 308% 08b 08b -b 

126627 BomtwdrB 306% 08% 06% 

WOO 09 Pak 314% ill, HI, -% 

10840 Crawta SOBC 06% 06% -% 

700 CD. S26% 26b 2«b -b 

14204 conBadi siob Wi -i| 

1821 DomTAA 1US, 15b 15b 

1100 IMTM 312% C'» 12b -b 

63281 MM8k Cdk 111b 10b 10b 

4363 Novara fin, 11b lib 

40095 Powsr Carp XUb 13b «b "b 

24032 Provtflo 107% 07% 07b 

20050 Rapap EMr SI 1b lib 11b +b 

200 RodandA $10% i®» 10b ~b 

62480 Royal Bank 328 27% 27% -£ 

3200 SulnWgA 126% 20b 20% -% 

6825 VtdMtron $00% OB 08 -% 

Total Sales 7J90J35 sttaraa 


Sabi Mgk law Ian Chag | Suck 
(Hall) I - 


StaStBa .44 B 476 lfi% 1B% 

SMBca .80 12 100 20 tOb 

Stu M 78 8 124 13% 12b 

Strata 25 568 2Tb 20b 

ftrwbCI IB 8 80 25 24 

Sttykia 20 151 IS 18% 

StudLvf 2 50 SB 

Mam 38 43 852 6 57. 

BttflFHl JO 16 28 0% 9% 

Sonus ,72b 11 34 22b 22 

SunGrt IB 22 11% 11b 

SonWUo 23 2688 31 29 

Sonata la S 20 2B 28b 

SynbT 25 22 28% 2B 

SymMc 1848 1% 6 1b 

Syafln 8 438 8 5% 

SysMg 12 151 4 3% 

SySotar 64 10% 10 

Sysao .12 28 183 24% 24b 

T T 

TEA 30 4B 17 24 23% 

TC8V IB 202 Bb 8% 

TCP 13 354 8 7% 

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38 Financial Times Monday November 30 1087 

NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


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4813 97 A 

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FayOrgJO 38 TO 111 A A A 

Fedors 34 48 TO 97 A A A -1* 

Fedor pf1J5 98 19 TO% TO% W% — % 

Fed&p 990 477, 4A 47 -% 

FdMogIJO 83 72 39 31% 31 31 -V 

FedNM 82 1.1 TO 1944 391* 3A 287, -% 

Fd Ml wt 378 0% 

Fa<SP8 80 32 11 319 36% 

FPap pBJ7 78 ' 1 39% 

Fe«m,1JD 0.4 38 34 187, 

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287, 4 % FCapHd 

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207, 4% FBT, pSJSe 35. 3 A A A 

43% 2A FFB 184 88 W x32* 31 30% SOT, +% 

9% A FRnFd .16 28 116 A 6% A +% 

35 PIMHB280 a? 6144MV, 41% 41% 

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11% A F*Pb 229 A A A -% 

28% A F*Aep 1 14. MSB 7% A 7% " 

34 S RRepA 71 A 5 5% 

97 52 FOtp pfC3.70e&8 33 56 52% J6 

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2A M FRp pSOTS 87 64 M% M 14% +% 

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3.7 W 9OT 3A 32% 3Z7 a -% 

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48 9 GGS 22% 21% 21% 

38 9 220 177, IA 17% -% 

48 W 231 2S% 24% 28 -% 

79 26% 28% 2A “% 

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278 A d A A +% 

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437, 29% FlaPigZ48 7.1 9 1099385 3A 347, 

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Fluor 083 13% 

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FootaC220 Mil 84 41% 

FWIG 8 W 4% 

FerdM 4 M 4 3779 7 A 

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FtDearlJB 98 2 MV 

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FoaWfti .44 17 W KHfl 12 % 

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Franc n 1 . 12 a TO. 314 A A A +% 

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60V 31% GMX 1J0 — — " 

TOT, 2 GCA II 

ISA BA ascot JB 

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36% 25% GTE pi 2 55 ' — 

30% 22% GTE m 248 9 l4 

W>« 6i z Gabefi 84e 85 

Gaioab 200 4 

GaMou M A 

Gannett 1 29 TO 944 3A 

Gap JO 28 10 731 WT, 


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341 A A A 

TJ7 57 103 WATOA+1% 
18 21 4 A A 

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48 2B% 28% 20% —% 

5M A A 7% -% 

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489 1% 1% 1% -% 

2 34 34 84 

277 11% 11% 11% +% 

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27% 17% 
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Sack Bf. TK- E lOOsSgh 

QoCorpt JO £1 TO SO 71 
GAJnv £4to A 84 TO 
GCtnmaJS 2.110 SOT 17% 
QCIn pfaJB SJ 36 W, 
GnOata 05 276 5 

GenOev 4 116 9% 

GnOyn 1 2STO1 644 44% 
GenS si .40 SJ 16 1Q4444S 
GnEng/0 A W 3% 
GflHme 258 A d 

GnHoat J4 00 3 317 B 
GnHouaZ* MIS 30 7% 
Grmw JS J WOO 277, 
GnMCM JO 38 17 1313 45% 
GMof 50 88 7 3886 69% 

GMot pf 5 88 2 58% 

GME 82 18 15 429 35% 

GM H J2 19 15 SB 47 
GNC .18 5814 544 3 
GPU 95# 18 8 8*4 25% 

18 12 908 55% 
4 18 157, 
4817 215 39% 
4 383 A 

369 7% 
2819 1195 34% 
J 10 307 48 
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Gapw pO.75 10. 

GaPw pr7J2 W. 
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Gerb8ca.TO 8 W 
Geifd 1J6e 22. 
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167, 1OT, +7, 

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44% 44% -V 
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15% IA +% 
39% 39% -% 
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10% 18% -% 
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4 26% 

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473 3A 
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184 A 
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357 A 

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Ba 1 J W 1798 WV 

30 8 TO 

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GTbQrtnJBe 8 207 A 

GGtac £1 20 A 

vtQbM.12! 308 1% 

WGM pi 42 A 

GtobYIdXa A 1128 uiO% MP, -VCV +% 

GMNug 3 JOT 10% Wi* IA -%, 

GUN wt 45 7-15 % 7-16 +VlJ 

StJWF J4 11 4 368 2Z% 22% 22% ~% 

GWawn WOT A A A 

Gdrleti 188 4.7 W 361 34% 3A 3A -1%i 

Gdrcti pWSO &1 22 43 43 <43 

Goodyrl.GO 3J6 B2S 52% SOV 50% -1 

GonfnJJB 3.7 6 IA 14 W 

Gotahka 9 BE. A A A 

GouM 34 700 11% 11% 11% +% 

Grace 280 88 308 447 , 44% 44% 

Gran wt 4 22% 22% 22% -% 

GralegrBO 19 17 152 52^, 52% 62% 

GlAFar 80 48 3 438 12% 12 1 A 

GtMPc JO 18 TO 300 3A 32», 338, +% 

Gf9m 287e 11. 9 22 28% 25% 25% +% 

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GMFna.72 58 B 867 IS M% W% -% 

GMP 181 84 9 6 22% 22% 22% 

QranTr 80 38 7 223 M TOV W 4% 

Greyti 182 5J 6 1944 25% 251, 25% 

Grayh pK7S 03 *100 81% 51 51 

Greta- 9 380 A A A -% 

GrowGfOOb 48 30 M3 A A A +% 

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M1V, d A A 
4812 300 2A 22% 22% -1 

11. 3 2B% 20% 20% 

M10 M 23% Z3% Z3% “% 

1.7 IS 1661 71% 7A 70% -% 

38 4 S 11% 11% 11% 

04 5 15% dlP* «% -1. 

4 978 A 5% A +% 

19 20% 2BV 20% -% 

11 2A 22% 2Z% -% 

H H H 

HRE 1 JO OI TO 82 20 

HaflFB 1 | 654 A 

Hafbcn 1 48 1W3 2A 247, 247, -% 

Htowndl.12 78 W 94 TO IA 147, -% 

HarfVeJO 28 9 24 07, IA iA 

HarUS 1.47a 08 15 15% Hi* W% +% 

HanJ 184a 08 10 21% 21 % 21 % 

Handba84 3JW 329 2A W W% +% 

HandH 88 38 407 17% 

Hanna JO £1 24 4B2 «% 

Kantrd 89 18 W 302 31% 

Henan a. TO) 18 0 2299 IA 

Henan wt 1255 A 

HarBrJ 1W3 5% 

Hvfijpf185l TO. 191 A A 6% 

Hartnda 42 2.1 17 292 UR, 19 US, 

Hertay 5 500 12 T1V »1% -% 

Harman a TO A A A 

Haro tab 45 774 16% 16 % 19% 

Harris 89 38 TO 460 25 24% 2*% -% 

Homo 1.12 49 13 382 26% 201 * 26% -% 

Hanmx 1 *J TO 332 21% . 21% 21% -% 

HattSe 1JO BJ Tl 6 17% 17%' 17% +% 

HtaaB 182 79 W 230 27% 27% 27% -% 

WRMtalJOS TO. OT A ' . A . +% 
HHhCP2J6e 01 TO 97 27% J7 ,•» -% 
aPtacka ■ M - .-a. m 

HadaMOSi 8105 4295 W% 

HW tan. 48a 1J2S 0 3 A 

HefOg 92 22 11 212 TOV 


GthStk J9a 
GrubB 92) 
Granin 1 
(brum pBJO 
Gutfrd JD 
GmM 1 JO 
GuWta 
Gran pfuo 


put 

pm 


GSU 

GSU 


IA IA 
A A — V 


157, 173, +1% 

W 18% +% 

1 ???;? -% 

ft ft ii 


Heinz 1J4 89 15 559 
HelneC JO 19 7 91 


HtamP AO 

HaNeln 

H«cuMJ2 


21 21 76 W% 
274 W 

42 3 367 46% 


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S' S' 


HawtPkJS 
Keacel JO 
HBheac44 
Mlacon 
WVbtt JO 
WYM n 
HHnbds 88 
HBBp n 
HBton 180 
Mmof n94e 


Hondy n 
HoHyFta.18 
HottyS 1 
HmaO a SB 
HmF3DJD 
HmeGp JO 
Hmfes pC2J5 
Hmadta JO 
HmaiFsJS 
Honda Tim 
Honwafl 2 


HrmBnUO 


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8 20 3783 50% 49 491, -1% 

18 TO 29 337, 351, 33% -% 

84 TO 2 TO 13 TO 

127 W% A IA +V 

- - A A -% 

w 10 

2A 2A -1 

A 7% +% 

89 69 -V 

27% 27% -% 

89 09 -A 

197, ZO% +7, 

da a -v 

72% 73% +1% 

17% 177, -% 

21 % 21 % -% 

11V 11 % 

211, 22 +% 

TO W%+1% 

ft ft -A 

A A +% 

BAOTV+V 

A A 

81% 817, +% 

W IA +% 

2A sg% -% 


2916 66 9 

82 10 

19 W 00 24V 
184 7V 

2816 120 09% 
1J 408 27% 
J 839 BA 
4 902 21 

42 9 323 2A 
24 13 13 73% 

A TO 1030 13 
719 211 




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3J 541 SA 
27 48 - 

29 W 30 
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HOHH n 93 

HCA Jt 23 TO W03 32 

2 12 90 123 IA 

23 16 733 24% _ . 

SJ 12 W5 IA *2V TO% -V 

48 7 187 4M, 41% 41% -% 

SJ 1 91 . 91 91 -2 

98 8 10SS 30% 

78 49 2% 

21 12 09 21% 

18 10 2 22 

4.1 11 1* 1BV 
M Wt, 

9.1 8178 29 

5.1 12 M 2A 

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IBP n .IBs 1.1 21 14% 

1C Ind J8L9 TO 707 SA 
ICM 180# 17. 47 63 9% 

tCN 21 478 A 

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BMln 189 10 4 

OTTlm n272e M. 9 Wl 
OTT 79238 M 90 

ITT CfUS 27 « 2» 

ITT p« 449 31 

rrr p«o soo 2 

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IdahoPIJO 78 M 140 231, 

MealB 256 A 

ltS>owr2J4 Tl. 6 428 94% 

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»%w pM.12 W. *400 40 

I Aw pf273 tt • r» J7 

HPow pM47 11. z1««if A «<I 
ITW a .40 19 15 339 321* SI 31% -1 
bnoOvnJB 18 18 51 80 29% 2S% +% 

bnpChSJBa 44 n 341 73V 73% 73V -% 

ICA 90r 38 2 110 A 8% A — V 


Honalnt 2 
How (4025 
HoulmCJS 
HouOaiBe 
Huffy 84 
HughSp^O 
Human JO 
Hunttls 
HunEF J5 
Hydralsua 


309 IA 


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30 30 -7, 

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WT, TO% IB 7 , +V 
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40 40 -n 

37 37 


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MOO JD 
ImflM pf7.06 
bMM pS.15 
bvSEn 220 
fngerfld184 
tngTTacJd 
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MdSt pH.75 
IMdSt pOJ2 
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45 21% 21% 21% -%• 

W 201* 26V 201% +V' 

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4913 7 IA IA +U 

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M9 138 "TO 1 * tA.TOV +% 


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247, 12 
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1173 A .6% A “H 

6 230 17% IA W% -1 

TO. T9 30% 3A 33% -% 

tl 1375 A A A +% 

11 * TO ft 20%-ft -S 

5.1 8 256 33% 91%' 31% -1>| 
180 09 W 57 30% 33% 34V “ % 

29 85 IA W% 13% -V 

2 WV IA WV 

IBM <40 3J 15 92W 117 1M% 114%-A 
WRaVlJ4 SJ 16 SB 42% 41V *1% -7, 

MMia 1 2831 339 39% 95 96 -% 
toM PW3.75 79 4 52 01% 51% -1% 

Mi pfBSJS 68 8 54 54 54 +1 

toMUHI.IB -<618 72 2B<« 25V 2F, -% 

3.1 11 3703 40% 38% 38% -U, 

135 6% A A “V 

47Z A A 7% 

2315 60 SOT* so 90 

13 TO 20% IA 20% +% 

OO TO M 27% 21V 21% -% 

49 W 87 A A 8V -% 

898 S 3A 3S% 3OT, +V 

05 9 SB WV TO 19% +% 

68 TO 33 2% 2A 22% ~% 

MS 17 W% UP* IA -V 

44 98 82 51 53% SF fl +% 

302 7 OT* OT, 

J 

11 124 IA 13% 73% -% 

9 195 IS M% M% -V 

21 TO 24 10 A A 

18 W 1272 2A 22 22 -% 

82 39% 39% 39% -% 

2 40% 40% 401* + V 


totAlu 80 489 


IrtPapiUO 
totftoei 
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totskr 
totatPeUB 
toseu .40 
IdwOG 384 
tawaRoU4 
toaton 1J6 
tpeaCp 98 
Irvfink 224 
My a 144a 21. 

J J 

JP tod 
JWP a 
JackpcTOOa 
JRhw JO 
JRvr pi 398 85 
JRyr pf 3J0 8.7 


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105% » 
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1MB 3-16 
30% 

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Ok. YU. E IDbHgh Iw AnCka 
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JhnCn at. 10 <1 TO 847 27 

1 V 

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20 
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31 IA 
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31% 331* 
28% 11% 
34 21% 

1A A 
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41% 23% 
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22% W% 


4.7 

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K K K 

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KLM -75e SO 
Kiwi a 1.18 <3 9 
188 40 


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KN Eng 

Kaisnc.ifit 

Kanb&MO 

Kaneb 

KC%PLZ24 

KCPL pTOJO 
KCPL pOJ3 
KCSou 1.08 
KanOEMB 
KanPlaUB 
Katyto 
KaidBHJO 
KeufB a 92 
KayJwa JO 
KaftwfJS 
Katwda 80 
Kanmt 1 
KyUdi si JO 
KarrGI .44 
KarrMei.W 
Keycp 1.12 
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KbnbCaU4 
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A A 


Continued on Page 39 




39 




Financial Times Monday November 30 1987 


NYSE COMPOSITE CLOSING PRICES 


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5% 

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A 
B2 A 

1220 11 % 11 % 
250 Ml, U 

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TO A A 

3 385 21; 2 


13 
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Umcorp .60 (W 6% 

UnVaty 4 2 A 

UFocMS 5 12 1% 

UnvPat 22 A 


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11 + % 

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a 

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WAmCa J8 
VtRah 

WangS .18 
WangC .11 
MtattPatlJB 


10 


WWIcas JS 

WoHAiti 

WBIGrd 

WDtglU 

WhrEnt 

WtcWwi 

Wdalu J6 

worlhn 


Zlmar 


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8 TO% 16% 

36 5 4% 

1525 107, to% 

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17 M IBS 

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5 15 12% 

4 7 1% 

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7 288 13% 13% 
» 614 10% 10% 

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21 80 A 6% 

412 4% 4% 


192 

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193 -3 
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to- % 

13% - % 
10% ~ % 
to - % 
A - % 
4% 


X Y Z 

161 1>| 1% 17,+ % 


OVER-THE-COUNTER Nasdaq natiotutl market, Closing prices* November 27 


AAWBd 

ADCs 

ASK 

AST 

Acbndi 

Acusn 

Adapt 

AdtaSv .10 

AdabS* 

ArivTal 

AduoBy 

Aegon J4r 

Art Bah 

AgncyR t 

Agnioog JO 

MtWIae 

AlootflUK* 

Aldus 

AlexBm .18 

AlaxBldlje 

AHaco 

AlagW JO 

AMlant 

ArtdBn 

Altwaat 

AIM 

Amcast .44 
AWA1R 
ABnkr JO 
AmCxrr 
AGiaat 22 
AmHMt 80 

VSLx 

AMS* 

ANBna 1*40 

ASvNY JSOa 

ASNYpTUI 

ASoflx .12 

ATvCtn 

AmFlFd 

Amrttra 1 

Amgen 

AmakBkJ* 

Anfogk: 

AnctiSv 

AmtvBe .72 

Andrew 

An Use 20 

ApogEn ,M 

ApotoC 

AppiBk 

App(uC».Va 

ABkwct 

ApIdBio 

ApWMt 

ArvMva 

AtgoGp 

Armor M 

Axtaom 

AdCLtal.76 

AttRaa 

AUSeAr 

Autodka 


Stare H«h Law lata Onto 
Otodta 

100 33 8% 6% 8% 

M 70 14% M M%+ % 
122153 A 7h 7% — % 

6 256 7% 7% 7% + 1# 

25 105 12% 12% 12%+ % 

231379 M% M% 14% 

5% 


7 BfiS A 


A 


W 299 13% 13% W%+ % 


44 538 28% 
11 137 12 
31 7 


« ^ 
to- % 


1 

8% 

31 2A 29 29 -2 

19 101 107. U% 10% - 1* 

18 66 Ml, 187, TO% 

1935 21% 18% 21%+ A 
13 TO W% 10% 10%-'% 

TO 130 «% 13% 13% 

38 113 TO% 17% 18 - % 

8 184 TO to A 

9 185 8A 37% 37%~% 

“■ “ A 7%+ % 

9% to + % 

A A+ % 

to to* U 


359 to 
a 219 10 
18 M7 A 
873 to 


72 12% 12% 12% 

13 280 HP? 101, 10% - % 

33 122 8% A A- % 
131657-18 5 A +5-1 

208 to to to 

283 4% 4 4% 

91033 »% M7, 13 - % 

13 325 M 13% M 

. 142 4% 4% tor % 

7. 55 A A A 

20 347 117* 11% 11% 

4 178 2«% 24 24 +• % 

4 568 11% 11% 11% - % 

- ’R , a: 

8SJ.S 

117 250 17% dIA 1A- % 
814 354 231, 22 22 -1 

225 11% TO% 1A- % 

8 550 0% d A ~ 

2 569 A A 

7 14 14% 14 

29 42 11% 11 


2 

11 55 
65 491 1A TO 
3173 1«% 13 


A- % 
A + % 
w% 

11 - % 
131163 20% 20% 2A - % 




12 301 A A 

275437 13% 12% 

4 116 30% 107, SO 

218311 3 A n*% 35 -i% 

2 A 8% 6% — 1 

28 858 1 A 17% 187,+ % 

275 15% 151, 15% — % 

101048 to 5% A+ % 

S3 89 331* 331, 33% 

18 824 14% M% M%- % 

tl 689 18% 17% 17% — % 

11 177 22% 221* 22% 

74 IBB 2A 28% 2A + % 

8 107 7 A 7 + % 

23 802 ' 


Salae flows are unoffictaL Yearly Mgha and Iowa reflect the 
prautou* 52 weeks pftta the cvrent weak, but noMtia tataat 
tredbig day. Whare a spat or acock dvMsnd amomrtng io 25 
par oam «r more baa baan paki, nw yaw's Mgh-low ranga and 
dtakbnd are ahoam lor the new stock only. Unless otherwise 
noted, rates of (fvfdands we annual dbbweemma based on 


Kftrktand also axtreM. b wm ual nTO of dMdand pha 

atock dhMand. o-6qukMkig dtakbnd. ckfcadbd. d-riaw yearly 

low. a^Mdaod dactarad or paid ki pracadkip 12 months, g- 
dtaidand in Canatflan tunda. aubject to 15» non+ealdanca tax. 
MtaUand dactarad aRw4ptt-up or stock dhUand. )-<rtvidend 
paid Mb year, omtotad. delenad. or no acton taken at tatnat 
dMdand maatoa. tarMdand dactarad or paU We yaw, an ao- 
aanMtaa bsw wtft dMdanda in mnb. p+»w bsue In ttw 
part 62 waste. The NgMow nm begins wrth the atari at 
OmVto- na-rmxt day dtahmy- P/Ejtrfca a rnl n gi ratio, r-dtaf- 
dand dacbiad or ptad In pracadng U! montfis, pkei stock dtai- 
dand. s-stoefc optt DMdanda begin with dare of apb. ab- 
Mba. MMbnd ptad in nock In preceding 12 months, oaO- 
matad cash value on ax-dHMand or ax-dstritMition <Ma. u- 
naw yearly high, vtradng hattsd vi-in bankruptcy or rocataer- 
aMp or baftig reorganised under tfw Benknptcy Act or raou- 
iftos aaaumad by such companies, wd-dstrfbuted. wfwtwn 
towed, ww-adti warrants, x-ax-dtatdant or ex-ritrttts. xdta-ex- 
dsMtutkxt. xw+rfthout warrents. y-ex-dMdend and staes In- 
ML yU-yWd. z-satM m AA 


Have your F T. hand delivered . . . 


at no extra charge, if you work in the 
business centres of 

HELSINKI & ESPOO 

0 Helsinki (90) 694 0417 

And ask for details. 

FINANCIAL TIMES 


Europe^ BusiiKH* Newspaper - --- 

[rmdar -Frank! un Nc+Urt | 


AvnHk 

061 -06* 
BakrFn la 
BakrJa .06 
SktLyB JO 
BxfBcp AO 
BnPneolAO 
0nPop 182 
BcpHw 1.76 
Banctac 
BKNE 1.24 
Bnfuwts .48 
BnkgCtrJOa 
Baffin M 
Bank, 

Be* if 80a 
BayVw 
BsySkal-44 
BaaudC 


BaltSv 

BaojB. 

Barkley JO 

BarkHa 

BatzLb 1-52 

BgBaar t 

Bbufly 

Btogen 

Blomat 

BloTQ 

BirSO 

filckEn 

BoatBnlJ4 

BobEm 24 

Bchema-IOr 

BOnvff 

BootBce .60 

.BBStTO 48 

Brandi 1.38 

Brand 28 

Brkwtg JSa 

Brokfim 

Bnmoaa 

Budget 

Bultata 

BuildT 

Brntim 24 

BunBa 

BMA 1.10 

Buabiid 

ccc 
coc 
CPto 


Dt a n is - % 

59 n, i% i% 

18 1571 A A A 

B B 

81 A 5 5 

5 3A 36 36%+ % 

7 M A A A 

4 367 11% 11% 11% 

13 275 12 111, 12 + % 

21% 22 - % 

90 26% 23% 258* 

9 «% 48% 4A+ % 

2 A to A- % 

81006 25% 247, 247, — 1. 

8 *7 A A A - % 

13 11% 11% «% -% 

‘ ~ ■“ Ml, 15 + % 

A r 

12 4 31% 31% 31% 

5 T75 15% M% 15%+ % 

7 102 34% 34% 341, 

k S5=S 

. a a-' 

8 207 22% 22% 23% - % 

19 03100 2960 2975 -25 

M 206 39 38% 39+7* 

11 157 19 18% 19 + % 

to to* \ 

to 41,+ % 

«% 17 - % 

to 6 

9 163 17% 17% 17%+ % 

42 173 17% 16% W% 

0 156 33 32% 3A 

19 125 15% 147, 147,- 1, 

7 157 M% 14 M - % 

6 108 A A A - % 

B 55 18% TO 16 - % 

9 78 18 17% 77% 

9 2 301* 29% 29% 

381 1A TO 10%“% 

1204 47,4 6-M to* % 

7 900 to to to - % 

252023 1A TO% 10% ~ % 

8 339 9 A A- % 

30 6 13% 13% TA + % 

8 216 A A A+ % 

11 2 15% 15% 15% - % 

23 22 A A ~ - 

40 34 33 32% 

TO 790 8 to 

c c 

23 M3 A A A- % 

47 M% M 14% + % 
JO 12. 27 W% 14% 14% 


TO 202 22 
7 

9 

7 82 A 


10 119 15 
3 502 to 


9 91 5 <■ 

9 33 A 

SO A 
121 to 


B SB to 
h» to 
24 169 17 
168 5 


6%+ % 


cua« 11 1«5 

14% 

14 

14 - % 

GVN . 42 

to 

to 

to 

% 

Cbry8c1J2to 19 43 

41% 

41 

41% +1% 

Cadntx 12 630 

6 

to 

A - % 

Calcan .05a 18 4 

31 

31 

ST 

- % 

CalBlo 539 

A 

A 

to- % 

CalMIc 80 

to 

to 

4%“ % 

Calm .« 57 

Carnots 73 

1A 

tA 

10% 

13 

13% 


CemBS 210 

8 

to 

to 


CaiKKil J2a 19 55 

35 

841, 

341.- 

-1% 

Can onto 23 30 

20 

»% 

1 to* % 

CaraarC IS 45 

*% 

to 

9% 


CartCm.fl7a M 4 

21% 

21% 

21% + 

% 

Caringm 197 


10 

ift- 

-11* 

caaaya 17 3 

1A 

ift 

«%- 

% 

CafoCp .020 IS S3 

A 

4 

A 


Cel Cm* 364 

16 

15 

TO 

- h 

CnfrGc 1J0 11 82 

30% 030 . 

»% 


Centsr Z72 

23 

22 

22%- % 

Cnrims 11 57 

8 

7D* 

7% 

% 

CenBci1.15b 13 14T 

*5 

38 

® - 



CtrCOp 9 11 15% 15% 15%“ % 

GFWBkl.08 9 383 2S% 25% 25% - % 

CtyCms 128 14 13% 13% 

Cents 1024 13% 12% 13% — % 

ChrmBe .12 133239 12 11% 12+1, 

Chrtwto 91 78 to to to- % 

CbJ.Pt 13 101 5% d 5% A 

Chen** 8 177 t 6% A- % 

CMCW 409 A A A + % 

ChDockJOa 18 40 19% U% 1A - % 

CWAur 61996 A 6 A+ % 

ChldWId 13 37 10% TO 10% +1 

cmlls 19 10 23% ra 23 

ChlpsTc 9 341 10% 10% 10% 


Stock 


Chiron 
ChfDvt .22 
Cbmnmai 

Ontee* 
Cipher 
CtrdEx 
CtaScCpl.12 
CttFG* .68 
CizU As i 
ChyFed -04 
CtyNC 84b 
CkyBcpI.re 
Clarcar 1 
Doth 

CoOpBk JO 


Stare Hgk law las Ckag 
Stahl 

„ 25 ® * 

22 294 13% 13 13 

8 86 43% d4A 4A 

22 36 25 24% 3to - % 

21 651 S A A' % 

9 13 a A A 

U 338 23% 23% 23% 

7 40S 13% 13% 13%+ % 

17 «7 28 
9M67 4% 

11 30 23% 

8 30 38 
11 25 24 

9 587 A 


28% 25% - % 
4% 4% — % 

23 23 

38 38 

2A M + % 


CooSI 

CobaLb 

CocaSd J» 

Coaur 

Cohen* 

Cotagan 

CdFd .05# 

CotnGv AO 

GdoM 

CoiuFda .10 

Cameata.12 

Cmcstep-12 

Cmeric2.40 

CmCtr 1JB 

CnacFdl 

20 


OmpCm 40 

CCTC • 

CptAut 

Ciwptta 

CnsPspIJO 

ctiMad 

Coottn 

com* 

Cotwgt 

Convex 

CooprO 

Coone 20 

Copyilaa 

Cordia 

CoreSt 150 

Coatco 

CrtyEd 

CranarlJM 

CrreFdl 

Ctone 

CroaTr 

Creaks AO 

Croolpf un 

Cuhxm .38 

Cypna 

CypSem 

Oytogn 

DBA 

DB* 

DMA M 
DSC 

Dalay^r 
DartGp .13 
DtalO 
DtSwtch 


A A 
s TO 12% 12% ttt,+ % 

a 88 14% 13% w 

18-351 AAA 
12 TO W% 1A M% 

80 21% 21% 21%-% 
1493 21% W% 21%+ A 

" “ IT' 

A A 
5 43 TA 10% 101* 

31 10 A 10 + % 

tl 30 19, 7% 1A- % 

21% 22 + % 

S a- ' 

% "ST* 

is 40 ta re% re% 

,68 r,213-1t 2% +++ 

81052" A to A -.ta 
382 B • A 
22 82 A B 
2ft 33 11% 11 


&2 1A 
29 107 A 
4 02 A 


*933 227* 


8 13 
20 25 
4 183 


3 

“ft. 


12 154 00 
S3 20 A 
15 220 W% 
83 A 
4781 A 
26 656 A 
71 A 


54 

M* 

8 

A 

to 

to 


A 
• - % 

A- % 

A + % 


13 187, 1A 1A- % 


A+ - 
w,- % 
30% - % 
9 + % 


898 A A 

348 10% «% 

8 235 90% 30% 

64 398 9 A 

11214223-18 2 21-16-1-1 

10 184 217, 71% 21% — % 

47 TO, > A+ % 

135 11 107, 10% - % 

80 12% 12% 12% 

787 A A A- % 

328 15% 15% 151} 

13 47 14% 14% 14% 

2TO12SB 187, ign, 18% 

35 782 A A A 

317 5% A A - % 

D D 

12 5 14% MT, 14%+ % 

28 IS 12% 72% 127, - % 

B1 A to to* % 

15 BT8 to to 4«,- % 

125 A A A 

8 19 72 70 70 

25 738 A A A 

81 341 ” “ - ' 


Dianne 

Dicsan 

DtgOCm 

DlgMIe 

DtmeCT .80 

DimeNY 

Dlanaxa 

DtxloYr.401 

DlrGffi JO 

DomBk .72 

DMkds 

DroaBa 

DraxJr 

DreyGr 

DunkDn Sit 

TOiqSys 

Durkn 

Dynaca 

DytdiC 

EMCa 

ESSEF 


14 44211V1B to A “1-1 
17 151 26% 25% 25% — % 
11 788 25% 24% 24% - % 


38 B 15 
17 11% 

4 618 M% 

20 8 19% 

7 89 1A 
81 837 8% 

t tao ia i6 
73 A to 


14% w% 

11 % 11 %+ % 
14% M%~ % 
18 W% 

IT, 17% _ % 
A A 
18 

A - % 


BPas 152 

Elena 

Efctteta 

BuxAB 

Emutax 

Encore 

EngCnv 

EftFad 

EngChnJBa 


EmPub .10 

Envrda 

Envlrst 

EqOBa JS 

EricTHJOa 

EMxCm 

EvnSot 

Evarax 


ExealA 

PFBCp.lSa 
FetriwS 
FrmHm t 
FarxnF 
FarGpaIJO 
Fareflu 
Fkiler 122 . 
FMcrpt 
FKtfiTl 1J8 
FtgglaA J2 
HtaNm 
RnNwa 
FTnlgret 
FAIaBk .79 
FsiAm 1.00 
RABk 20 
FIATn 1.10 
RExae 
PBtptFEBB 
FExpfG 
FFUIc AS 
RFMg* 
FIBBk .72 
FBICp, .44 
FJwN 1J0 
FtKyW .94 
FMdBl 1 
FNCbmlJS 
FSacC 1.10 


FTannslJf 
FatUCs JO 


15 185 A A A 

95 to A to* % 

38 29 13% 13% TO% 

13 136 22% 21% 21% 

81 246 TO 15% 15% 

9 85 A A A - % 
7 181 A A A - % 

10 71 20 19% W% 

E E 

12 278 TO 12% 12% — % 

11 1 12% 12% 12% - 1* 

9 93 A 8 B 

TO ISO 1A 15% 1A 

44 204 A A A - % 

17 303 A A A+ % 

47 35% 36% 35% -1% 

17 288 to 4% 4% — % 

48 A 27-18 A 

ft ft. Si 15- % 

240 19% 187, 19%+ % 

78 44 7 A 7 

IS 7 15 15 15 

9 387 17% 17% T7% + % 

TO 8 12% 12% TZ%+ % 

9 8 17 17 17 

12 182 27% 27% 27% - P, 

50 19 17 17% +11, 

12 87 21 207* 20% 

M 19 to to A - h 

7 32 10% 10% TO% 

25 IT 1A « 10 - U 

F F 

7 193 10% 10% 10% - t, 

154 M% 14 Ml,- % 

5 68 15% 14% 1A - % 

22 403 U% 10% 10% + % 

12 326 42% 41% 417*- % 

3 133 A to to “3-1 

10 240 35 34% 35 + % 

24 27% 27% 27% - % 

11 24 34% 34% 34% - % 

8 51 49% 491,- % 

34 88 12% TO 12 

TO 207 7 A 7 

90 S 13% 13% 13%- % 

9 294 15% 15 IS - % 

7 SB 38>, 3A SB 

7 87 Ml*! 10 TOT, + % 

B 479 23% 27, 22% 

61208 A A V%* la 
153 23% 23% 29% 

758 15 14% 14% 

2 243 10% 10% 10% 

17 499 2T% ®4 2A- *2 

6 42 24% 24 24 - % 

13 208 M% 13% 13% - % 

IB 41 78% 78% 78% - 1. 

13 71 22% 22% 32% - % 

7 12 22% 22 22% 

W 636 37% 37 371, 

34 87 22% 22 221, 

B 88 07, A B%+ % 

9 MO 23% 22% 23 - % 

7 2359 187, 19% W%+ % 


FWItay JJ4 
FlWFn -28 
Pindar 1.10 


FlafiSd 
RaFd 
FUNBF .48 
Fcnara 
FUoAa SSI 
FUoBa 4» 
For Am SO 
FortnF JO 
Foruma .06 
FramSV.TOe 
FreeFdi Jft 
Frwim J» 
FdrHB A2 

Galacg 

Galrtaox 

Ga)0A AO 

Gantoa 

GardA 

GatwBa.13a 

Gatway 

Genatea 

Ganelin 

Ganlcm 

Ganmarj2a 

Gonzym 

OTmSu 

GHreaQ J5 

(BdnVls 

a n sa e J4 

GonldP JO 

Grades 

QrpItSc 

GAmCnuOZa 

GB-fcBc £0 

GMYSv 

GrmuPn 

Grosmn 

Grdwtra 

QTadi 

GuarNt -23 

HBO JO 
Hadaon 
HamOfl .W 
HanaBI 
Hanvlna JS 
HerpG* .IT 
MrtWdlJB 
HrtfdSs 1 
HarMne 
Httbcaa 
tohdvn 
HHetPR 
HchgAa .18 
HchpBa 20 
HaeUn 
Hanlsy JOf 
HUMS JO 
Fflberal.04b 
HlgffiSu 
Hogan 
HmaCto 
HreFTn-TOa 
Hmbrea 


Stare H%b Law Lot Ehag 
Otab) 

11 12 3A 30', 907, 

8 220 A A A+ '* 

11 18 307, 301, 907,+ % 

14 5 12% 12 12 

96 TO 17% 17%-% 
704 A A A 

TO 405 15% M% 15%+ % 

17 302 A 1% 2 

47 87S 11 TO', 107,- % 

48 268 11% 11% 11%- % 

12 8 to 38% 39 + % 

5 84 19% 1A TO + % 

17 685 A 3 3 - % 

90 W% A 1 A + % 

18 11 14% w% W% — % 
51296 11% W, 11% - % 
12 280 30% 30% 30% 

G G 

A 7 83-TO+15 
A 9 A- % 

S ift 1ft 

12 % 12 % + % 
A A + % 

S ’5r-i 

37% 37% -I'* 
19 19 

T-Vt? 
to 
to 

U% + % 
TO% - 
22 - % 


M 44 
11 42 

13 3 

ft 119 A 
9 06 12% 

18 31 A 
2522337 39 
203 1A 
8 81 A 6 

8 50 7 A 

129308 A 7% 

53 7% to 

8 757 11% 11% 
'20 128 T9 18% 
9* 34 S2% 22 


17 213 17% 

24 67 A 

33390 A 

10 487 A 

3 • 15 

SSB 
658 
« 

27 SO 

19 139 
fi 224 

H H 

19 792 A A 

122545 to A 

23 193 W7, «% 

46 9 A 

8 86 27% 27% 277, 

10 904 9 8 ft + % 

7 8M 20 18% 20. 

TO 111 24% 24 W% + % 

7 388 0 A B - % 


A 

A 

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1 


1A 17 
5% ' 

A 
A 
14% 

s* 

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to 
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17% 

A 


7 + % 

a-i 

A+ % 
16 - % 
A 

A- % 

A 

1ft- % 
ID* - % 
A+ % 

4*-S 

, a" % 


Stock Stare H^i |«w last Cheg 

fftaW 

LancaBJSb TO 37 19 1A TO 

Lances J4 18 38 10 10% 18 

LndEda IS 425 TO% 15% IA-1% 

Lawsna 9 17 4 26% 26 26% + % 


154 A 3% 3% 

15 5 11% 10% 11% 

13 710 38% 38% 387, - % 

13 125 10% 10% 101, - % 

37 55 A A 97* - % 

90 A a A 


LeaOta 
LteTch 
LkiBrda 
LnFilm 
UnaarT 

Lipoftm _ 

UzClaa .17 123710 16% 14% 1 A + % 
LonaStr 201326 17% TO», 17+7, 


LongF 1-BO 

Lrrtuaa 

Lypho 

MARC 

M» 

MOTCp 
UNC 1-68 
MNXa 
MSCara 
MTECH 
MackTr 
MBps .60a 
uagmC 
Magnal .48 
uajRt 
MojVde 
MgiSel 


8 84 44 42% 43% +1 

172850 27% 26 26 - % 

22 451 M% 14% H% - % 

M M 

15 34 13% 13% 13% 


2973 

A 

to 

9% — % 

14 

34 

6 

to 

5 

8 

812 

32% 

32 

32*,- % 

ID 

51 

A 

A 

A + % 

12 

2 

A 

A 

A 

13 

30 

15% 

15 

IS 

19 

878 

13% 

13 

13% 


253 

16% 

15% 

18 + % 

3813 

A 

71, 

7%- % 

4 

828 

7», 

7% 

to 


9 20 W% TO% 1A 
17 208 to to A“ % 

289 A A A 

Manrtw 20 20 14 1 A i A 1 A - % 

MfnNt ISO 10x244 34% 34 34 - % 


11 TO 151, 
35 A 
30 28 1A 
14 203 TO% 
13 8 17% 


15% 1A 
to A 
1 A TOta “ % 

16 1A + % 

17 17%+ % 


7 221 17% 17 17 

2901 21% 20% 2A+ % 

170 A A A- % 

8 M 2A 30% 2A — % 

8 352 7 A 8%“ % 

44 111 A A A“ % 

6 14 TA TO% »%+ % 

17 1A 1A 1A+ % 

231 


Datcw 


83 

4% 

to 

4%+ % 

HmaSavJTa 

SIB 10% 

TO 

107* - % 

Daacp 

17 

10 

2<% 

2 * 

W%+ % 

HOHL 

42 217 28% 

3*% 

24%+ I* 

Dauphin JB 

ID 

21 

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Continued on Page 37 


OttrTP 2J2 
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1 






CURRENCIES. MONEY & CAPITAL MARKETS 


Financial Times Mon day November 301987 

EUBOPEAM OPTIONS EXCHAiKME „ 




vA> 


FOREIGN EXCHANGES 


Dollar set to continue its long term slide 


The US budget agreement and 
lower European Interest rates 
failed to prevent the dollar fall- 
ing to record lows cm Friday, and 
in the absence of a sadden 
change in sentiment there seems 


BYCOUN HLLHAM 


little prospect of a change of 
direction this week. 

US unemployment data for, 
November are likely to provide 
the most important guide to the 
US economy this week, bat will 
probably not change the tone. 

The market expects an 


A SHARP weakening 'of' the dol- 
lar on Friday came as something 
of a surprise. Holidays in Japan 
on Monday and the US on Thurs- 
day had created the Impression 
that the market was content to 

drift until a full working week 
provided more trading opportu- 
nities. 


This week may not give any 
more incentive to the market, 
but if Friday can be regarded as 
any great test of sentiment the 
dollar may be poised to test even 
lower levels. 


Statistical news has proved 
less important to determining 
the dollar's future over the last 


two years or so, mainly because 
sentiment turned against the 
currency at the time of the 
Group of Five meeting in New 
York during late September 1985. 

Before then any slight devia- 
tion from the forecast economic 
news was more likely to decide, 
whether the dollar rose or fell 

Over the last two years the’ 
twin US deficits on trade and the 
budget have insured only a 
downward direction for the dol- 
lar. Attempts to stabilise the for- 
eign exchanges have always suf- 
fered from a belief in the market 
that the Reagan Administration' 
was paying no more than lip ser- 
vice to any agreement on pre- 


vot ting s dollar fail 


The deal on US budget cuts 
must still be ratified by Con- 
gress, and even then may not be 
a strong enough incentive to 
encourage a Group of Seven 
accord on a general lowering of- 
interest rates to support the dol- 
lar. 


As such it seems to have back- 
fired. Lower German rates were 
intended to discourage the flow 
of funds out of the dollar into 
the O-Mark, but the cut In 
French rates appears to have 
had a greater unpact on the 
franc, which finished on Friday 
only slightly above the lira at 
the bottom of the EMS. 


unchanged unemployment rate 
of 6 d.c., and a rise in non-farm 


Last week's reduction in West 
German, French and Dutch 
interest rates appeared to be. 
more a reaction to European 
needs, and the wish to take pres- 
sure off the European Monetary 
System, than any sign of satis- 
faction at the US budget pack- 
age. 


of 6 p.c., and a rise in non-farm 
payrolls of 130,000 to 135,000,' 
compared with 549,000 in Octo- 
ber. 


Leading indicators for October 
are published tomorrow, and wffi 
show a fall according to most 
forecasts. 

Morgan Grenfell says the dom- . MLB p 
inant components of the figure! sou»p 
reflect past events, mainly the 
fall of share prices on Wall 
Street. 

Forecasters are generally 
looking for a fall of £3 jw?. in 
leading indicators, bat Morgan 
Grenfell expects a decline of 0.5 
p.c.. Kieinwort Grieveson Securi- 
ties agrees with this figure, while 
Phillips and Drew’s forecast is In 
line with the general market 
view, and Nomura Research 
Institute goes for an unchanged 
figure. 




£ IN NEW YORK 


EMS EUROPEAN CURRENCY UNIT RATES 


UFFE UNE HUT AITOCS OfTHW 
Strike Crih-US Pas-Uot 

price Mar Jug Mar Jnn 

lib UH U1 « l» 

US 438 5.43 120 Ml 

120 330 «5 202 133 

122 217 U7 20 US 

1» 131 U1 U3 1*7 

12b 062 2J0b £44 7.04 

128 038 L36 7.20 834 

130 D» U» la 1007 

Esttaaud «okm toad, CA 1024 Pbu 69 

Pterions rim's open fee Catts 17345 Pri* 10378 


urn » Twwar mnb ronmn omws 

Strike CaBs-Ua Pbu-Lk 

Pries Mir Jn Mar ho 

R SS UJ US Ul 

84 4JH. 438 L29 Z34 

ft 155 Hi 219 IS 

88 L55 226 339 4.42 

SO 165 L47 433 563 

•a njv 2J< fjn 7J0 

m ft-23 054 7M *06 

96 012 - 9.40 

EdowdsotaMBWiCAOnasl 
Prsrion day's opto Inc Cafls 733 Putt 415 


un PT 4 C us mkx nmnoci options 

Strife* cab-Lat PMS-Uot 

price Dtc Jm Dk JM 

loom LOO 3.70 14.78 108 

18250 6.77 - 1A.W 

18500 053 238 1923 1U8 

1S7K1 036 - 2136 

14000 02* 3L71 23.94 2231 

29250 016 - 2636 

19501 SJS 111 W 2671 

mss am - 3LZ7 . - 

EsHnrisJ w l es uOf , CafclOPrisO 

PrtriewfefSWtabC Call 38 Pott 135 




SEitiBEi 


OUOO (a* pvO) 


424502 433419 ( *161 

765212 I 7.95762 | +134 

Z06ZI2 I +4737 

761843 I +166 

+005 
+167 
+266 




830 am 
960 am 
10.00 aa 
1100 M 
Hood 

160 tm 

200 pm 

222 P“ 

460 pm 




UNILEVER C 
UNILEVER P 


n eu» 

FL 10560 


BASE LENDING RATES 



MttdBtfta*- * 
MtfKmMb*-. f 


- ACTUARIES WORLD INDICES 


Jointly co mpiled by fte Fonnciti Times, fin M man , Sachs & Co., and Wood Macken zie & Co. 
Ltd, m conj unction wtth Ute Institute! of Actuaries and the FacuRy of Actuaries 


MONEY MARKETS 


Strong pound points to lower rates 


CUTS IN European interest rates 
last week led to speculation that 
the Bonk of England may soon 
agree to a reduction in UK bank 
base rales. 

Such an arguement appeared 
to have little credibility until 
Friday, when sterling rose above- 
$1.80, for the first time in 516 
years. 

Faced with a very la rge money 
market shortage of £1.76bn, aim 


UK etoaifcig bank base 


n8ng rate 9 par cant 
from Nov em ber 5 


ties wish to maintain exchange 
race stability with the D-Mark 
implies little scope near term for 


the reluctance of the discount 
houses to sell bills outright at the 
existing official dealing rate, the 
Bank of England provided over 
half its daily assistance through' 
repurchase agreements on bills. 

Nomura suggested the authori- 


a cut in UK rates, but questioned 
whether this is desirable. 


whether this is desirable. 

Nomura also questioned 
whether Mrs Thatcher, the- 
Prime Minister, was right, when 
she said In a Financial Times 
interview, that 'everyone is 
geared to the D-Mark, save us.* 

As part of this view Nomura 


said the 5 p.c. premium for 
Eurosterling over D-Marks, 
reflected overseas perception of 
sterling as a risky and volatile 
currency. 

. It added that while the Prime 
Minister remains opposed to join- 
ing the EMS. the option of depre- 
ciating sterling at some stage, in 
order to boost exports and out- 
put, is clearly near the top of the 
economic agenda. 


FT LONDON INTERBANK FIXING 


MONEY RATES 



0160 Mi No*37l 3 matin US data* 


offer 7\ 


But nfes Dk 3L X986 m 100 

Cowrie*, The Fhwndal The* CoidnM, Sad* & Co, Wood Mattel* 6 Co. 1*11907 
ComtMomx d—irDUflBBBiH* Zwilwif StetWM* huh. and UEB lift IHmm ZcrimflJtoat < 
Kongl. 


i Filter WwfKtetraSil -d 4 m, Cawag to AwvPnpCHMO 































































































































































































:V 


SECTION 11 


FINANCIAL TIMES 





Though the North is 
lagging behind. two 
other northern 
economic regions, the 
North-West and 



CONTENTS 


PufaBc sector no route to ffw lop 
NDC: buikflng a consensus 2 


Ventura capital: behind the 
nappies 

Industry, the entorprisa dimate 3 


Development corporation*: 
riverside regenera to rs 
Japanese companies; here to 
stay 4 


A A A A, A - 

J33 ■ 


Biotechnology! Bela sf s spots a 
winner 

Educa t ion: Matin's key rots 
MstroCsntra: taking on rstaU 
Newcastle 5 


Yorkshire-Humberside, in terms of 


recovery, there are signs of a strong 
fighting spirit. Nevertheless, there is 
still much more that needs to be 
-done, reports Ian Hamilton Fazey 





Gateshead festival: a Northern 
Kaw 

Tourism: permy-pintihlng 
Cumbria: North by Nortb-WSst > 


Perspective 


u • - I 


on 1 success 


I Lt NCiNGRCEj 


THERE ARE many flood stories 
from what the Government «■»»* 
the 'standard North" region of 
.England - the belt that straddles' 
the North Pennine* and Is made 
up of the North-East and Cum- 
bria. 

Consett, hit by steel closures 
seven years ago. Is bade from the 
dead. Biotechnology is thriving. 
Nissan is expanding. The Ameri- 
can, Japanese,- German and 
Scandinavian industrial cavalry 
has been arriving with jobs. NEI 
is making good profits, the Fish- 
erman’s Lodge, in leafy Jesmond 1 
Dene in Newcastle, is a world- 
class restaurant. . . 

There are two new urban 
development corporations. The 
local authorities and the private 
sector have formed the Northern 


dazd North" is still in deep trou- 
ble. The unemployment figures 
say much about what is happen- 
ing 

The rate now stands at 13.7 
per cent and the numbers out of 





plex on the disused Stockton 
racecourse. 

Some in the job-creation busi- 
ness in the North-East have criti- 
cised the enterprise centre pro- 
posal as too "top-down* rather 
than "bottom-up" In concept But 
all are much more critical of aid 


regimes that help more multi- 
million pound retail property 


million pound retail property 
developments while they strug- 
gle for funds. 


Despite all this, there is a small 
current of hope In the tide. Mr 
Michael Denny, who runs North- 
ern Investors, a venture capital 
fund, says that the anti-enter- 


prise culture is changing slowly, 
though it is hard work for those 


though it is hard work for those 
involved. 


panoramic naw or iwwcaina t nva wnn c«xy n xna npon 


Photograph* by MSS Anon. MlfM by Bob hUcfdaon. 


work have been falling by 
between 1,000 and 4,000 a month 
for the last 19 consecutive 
months. It looks more than 
encouraging, until the figures 
are probed a little. 

Far example, compare what is 
happening m the most rapidly 
recovering part of the North as a 
whole - the North-West region of 
Greater Manchester, Merseyside, 
Cheshire and Lancashire, where 
unemployment has been falling 
at a sustained rate of nearly 
40,000 a month. 

At &25m people the "standard 
North" is only the size of Wales 
and half as big as the 
North-West. But it would need to 
do 10 times better to match the 
North-West's performance, an 
unrealistic, unrealisable goal at 
present 


many small companies worth 
investing In. Porsche sales are up 
and among -the highest in 
Britain. The MetroCentre has 
caused a retailing revolution. 

One Cabinet Minister, opening 
a factory this month, wondered 
aloud when -the massive Govem- 
mem. aSd-chat is there to encour- 
agelHHRXo the region could be 

To some: who heard M™, and 
hopgd he -was joking, this flhia- 
trated the dangers of hyping 
small", successes, for the' 
North-East , portion of the "taut- 


rosy picture. Among men the 
rate Is nearly 21 per cent and the 
combined one for men and 
women is 16.4 per cent. 

Even these figures are a distor- 
tion: because of difficulty in 
obtaining and breaking down the 
figures, only the 13.7 per cent 
overall rate for the "standard 
North" includes self-employed 
and members of the armed 
forces, but the Cumbrian and 
North-East ones do not. • 

Indeed, the latest figure, from 
1986, shows only 112,000 


vate sector. Success has long 
been measured in . terms of 


apprenticeships, of acquiring 
manual skills so as to be employ- 
able In the traditional industries 
•of heavy engineering, shipbuHd- 


self -employed people in a 13m 
workforce in the "standard 


Nissan has found a workforce 
that is numerate, skilful and 
superior to other parts of the 
world in a range of manual 
activities from complicated 
maintenance to simple cleaning. 
It fits with a proud industrial, 
shop-floor culture stretching 


things, it generates two-thuds of 
gross domestic product. 

According to the Newcastle 
stockbrokers Penney Easton 
there are only 30 locally-based 
listed companies in the 
North-East. The comparison is 
with 144 in Yorkshire and Hum- 
berside. Taking into account the 


population size, the North-East's 
list should be between 70 and 


workforce in the "standard 
North" anyway. According to the 
Department of Employment's 
calculations, excluding them and 
the armed forces from jhe Gov- 
ernment's own figures worsens 


the regional unemployment rate 
from L3-7 per-cent to 16.3 per 
cent. 

This, and the now statistically 
comparable sub-regional Tate for 
the North-East of 16.4 per cent 
gives a truer picture of jobles- 
sness, for one of the North-East's 
principal problems is a deeply 
anti-entrepreneurial culture on 
Tyneside, weandde and Teesside. 

This is not fertile territory for 
self-employment. Succeeding 
generations have worked for big 
employers, whether state or pn- 


The picture becomes worse 
■when the performance of the 
North-East Is matched .with 


Cumbria's, for unemployment 
west of the North Pennines is 


west of the North Penn 
now down to 9.2 per cent. 


Grouping Cumbria into the 
"standard North" therefore con- 
veys a false impression of unem- 
ployment rates. The -figures for 
the North-East show a much less 


Research by Investors in 
Industry (3i) has shown that 
these are not the breeding condi- 
tions for entrepreneurs. Smaller 
and medium-sized business, 
which make up the major por- 
tion of employment in the 


increasingly buoyant areas of 
Greater Manchester and West 


Greater Manchester and West 
Yorkshire, teach people the gen- 
eral problem-solving skills they 
need to go it alone. 

The dependence of the North- 
East's community at large on 
having work found for them is 
signalled by the general indus- 
trial infrastructure. The public 
sector is the biggest employer, 
accounting for 60 per cent of 
jobs on Tyneside. Because, it is 
the biggest customer -for most 


list should be between 70 and 

100 . 

It is against this background 
that most Cumbrian people and 
industry want to be in the 
North-west, not the "standard 
North." Cumbria County Council 
belongs to Inward, the North- 
West's inward investment 
agency and has yet to decide 
about paring dues too to the 
Northern Development Company 
(NDC) - the North-East's equiva- 
lent. 

The issue is complicated by 


try and develop tourism as a job 
creator. 

He -says: "We are In a process 
of Industrial and economic 
change. There are some useful 
indicators. There is no English 
Estates property that is unlet 
because there is such tremen- 
dous demand. A wider range of 
new businesses in the high tech 
field is developing. All the tradi- 
tional Industries are improving. 

"The problems are bringing 
about the change while you are 
trying to contain unemployment. 
Unemployment is not being 
reduced by the changes. We have 


Government encourages such 
donations from industry to 
involve the private sector in 
regeneration. The problem for 
the North-East, however, is a pri- 
vate sector that is too small: 
everyone has to contribute too 
much too often. 


The CBl’s officers say that 
there is optimism, though not 
buoyancy, and point to a 30 per 
cent increase since *1979 in its 
mailing list, which now stands at 
about 1,000. 


Companies regularly touched 
'for money include I Cl, NEI, BSC 
Industry, Esso, Shell, the dear* 
ing banks, the Burton Group, 
'IBM and others but, as Mr 
Graeme Anderson, NEI's deputy 
chairman points out, even the 
most successful can only afford 
so much. 

The problem has manifested 
itself with difficulty in funding 
the proposed Cleveland Enter- 
prise Centre - designed to com- 
bine the best in job-creation and 


to manage change, help new 
industry to come, capitalise on 
our resources and success, and 
improve the image of the 

region." 

He sees the NDC as the vital 
dement of getting all the acts 
together, even though Durham 
County has formed its own 


two Government departments - 
Environment and Trade and 


Environment and Trade and 
Industry - treating Cumbria as 
not in the Government's "stan- 
dard North" at all, administering 
their sendees to the county from 
Manchester. 

Mr Reay Atkinson, NDC chair- 
man, wants Cumbria because it 
will enrich the package the 
North can offer when it tries to 
be attractive to footloose Indus- 


The NDC has identified seven 
good industrial areas where 
there is already a wide range of 
skills - plastics, information tech- 
nology, electronics, offshore, 
fashion and textiles, pharmaceu- 
ticals and biotechnology, and 
advanced manufacturing tech; 


nology. It is building a network 
to encourage inward investment 


to encourage inward investment 
and growth in all of them. 

All this In an area infamouq 
for what the Prime Minister once 
called "Moaning Minnies" and 
one Southern columnist brandq 


regularly as full of whiners. 
What is plain to see, however, is 
a region with the massive prob- 
lems that flow from an economic 
structure that continues to be 
grossly Imbalanced. 

The efforts on the ground to 
change it are enthusiastic but 
slow in impact because of the 
scale of the problem. There 


managed workspace practice 
under one roof. This is weQ short 
of £700,000 from the private sec- 
tor to trigger pound-for-pound 
Government help, despite gener- 
ous funding from "the regulars." 

This might not have been felt 
so bitterly locally had the new 
Teesside Urban Development 
Corporation not announced its 


t company and per- 
son Dealing, the for- 


matted Sir Ron Daring, the for- 
mer Post Office chief, to chair it, 
while British Nuclear Fuels 
(BNFL) is to fund a development 
initiative in West Cumbria with 
a massive Sim a year for 10 
years. 

The scale of BNFL’s contribu- 
tion sets the context for other 
initiatives in the North, for the 


seems little prospect of the buoy- 
ancy of the South spilling north 
under the pressure of m 


first project during the same 
week that news broke of the cen- 
tre's problem. The project, by a 
Mayfair properly company, is for 
an SBOm. retail and leisure co ro- 


under the pressure of market 
forces, especially with over- 
loaded access roads leaving 
much to be desired. The problem 
of the North-East will be with us 
■ for a long time to come. 











Financial Times Monday November 30 3987 


( NORTHERN ENGLAND 2 ) 


THE MOST striking feature of 
the Northern Region’s economic 
profile is that more than 40 per 
cent of the working population is 
employed in the public sector - 
and because the public sector is 
itself the major consumer of all 
services, it accounts for about 
two-thirds of gross domestic 
product 

Education, health and other 
services provide 2L6 per cent of 
jobs, and public administration 
and defence IS per cent, a total 
of 29.5 per cent This contrasts 
tellingly with manufacturing - 
metals, chemicals, fabricated 
goods, engineering, vehicles, and 
all other forms • which make up 
only 27.7 per cent 

Prof John Goddard, head of 
Newcastle University's centre for 
urban and regional development 
studies, puts the proportion of 
Tyneside s Jobe that are in the 
public sector at 60 per cent The 
biggest employer is the Depart- 
meat of Health and Social Secu- 
rity, with approaching 10,000. 

The private sector has special 
characteristics, too. There is a 
preponderance of big businesses. 
Northern Engineering Industries 
(NEI) dominates engineering, 
with 7,600 of its 16,800 employ- 
ees in the region. Much of its 
work comes from one of Cum- 
bria’s biggest employers, British 
Nuclear Puds (BNET.), with its 
Sellafield reprocessing complex 
and 8,000 jobs in the area. 

Other giants include Thorn 
EMI (domestic appliances and files, 
heating equipment), ICI (cherai- nave 
cals, plastics and petrochemi- 
cals), Vickers (engineering} and 
GEC (telecommunications equip- 
ment). Procter and Gamble has 
had its European headquarters 
in Newcastle ranee 1932. 

’Up-and-coming industries in 
the region include wholesale and 
retafl distribution, with Tesco a 
big employer in Gateshead. 

When hotels and catering are 
added, these sectors accounted 
for 20.6 per cent of the work- 
force two years ago, and have 
been growing since. 

The retail sector 


Dominance of the public sector 

No route t< 

o tl 

lie 

t 


Employment by industry northern region 


FigivMfor 


development corporation and 
saw how people counted on the 
ng gUm for private aoc- 


(p ar pa nt ) 


North-East particularly has been 
expanded by the MetroCentre at 
Gateshead and the fight-back to 
keep custom by Newcastle’s 
Eldon Square, Britain's biggest 
city centre shopping mafi. 

The region's traditional Indus- 
tries are coal, steel and heavy 
engineering, ail subject to 
labour-shedding modem technol- 
ogy and recession. The impact 
has been massive. Older mines 
continue to face closure, with 
investment going into super-pits 
which wiQ employ increasingly 
fewer for every ton of cool pro- 
duced 

Most people work In 
organisations, doing 
what they are told 


as British Telecom, bow a major 
provider of services and jobs. 

The pool of middle managers 
from which 


dancy payments to 6,800 people: borne. As new technology makes 
This was across all NEI’s U growing impact on government 
operations, but Tyneside had to Offices, jobs will be lost there. 

take its share. r Meanwhile - and across both from which crowing assail busl- 

As Mr Alex Marsh, chief execu- 'private public sectors - inf or- could draw their future 

Uve of Swan Hunter, points out, m otion technology and telecom- -departmental heads and dlrec- 
the effect of such job losses haa a muni cations in particular will tors is bound to be affected lit 
wider impact than at first bring about more centralisation 
appears. Suppliers and services .of strategic dedtfon-making In 
are hit in greater numbers, at a London or in Leeds, the ezner- 


in 


The same story applies to steel 
where, seven years ago, closures 
almost killed the Durham town 
of Cornett British Steel now 
points to massive investment on 
Teesside, - where it remains a 
major force and employer, 
though with far fewer people 
than before. 

Meanwhile, 

Closures arid redt 
ve made moat of the headlines 
in the past two years. The best- 
known yard. Swan Hunter, was 
privatised from British Ship- 
builders last year in a manage- 
ment buy-out for only £6m. 

Its premean is that, until it can 
build export markets that were 
neglected for 10 years, it has but 
a single customer - the Govern- 
ment. Lack of orders has so far 
seen about 1,600 jobs lost since 
privatisation. 

Job losses have continued even 
among the successful When NEI 
spent S75m on restructuring 
the I recently, S44m went in redun- 


a Dunlop tyre factory - 
, the ball bearings man- 


ratio of about 4-L 

The long-term strategy to 
replace contracting traditional, 
industries and augment a declin- 
ing private sector base has been 
to pull in more inward invest- 
ment. 

One result is that the region 
now has the biggest concentra- 
tion of Japanese manufacturers 
in the UK, with 17 companies. 
These include giants such as Nis- 
_ -which 

over 
and NSK, 
ufacturer. 

The US is, however, the big- 
gest inward investor with more 
than 90 companies. Its giants 
include Black and Decker f newer 
took}, Coming (glassware; and 
Sterling Winthrop (chemicals 
and pharmaceuticals). Mainland 
Europe's presence includes about 
90 companies, with a large con- 
centration from Scandinavian 
countries. 

These are aH either big compa- 
nies, big local employers or 
branch factories following a 
business strategy decided far 
away. Most people work in 
organisations employing more 
than 600 people, whether in the 
public cur private sector, doing 
what they are told. 

The effect of this on the North 
is profound - it produces a 
dependent culture. Middle man- 
agers often have no promotional 
route to the top unless they 
move. 

Prof Goddard sees worse to 


of the whole East 
le area of the North-East 
, -and Taxkshlre-Huznbeislde. 

Many middle management 
functions could disappear, 
extending the region’s ‘branch 
economy* status in both public 
and private sectors. This scaling 
down of local power and execu- 
tive needs would, in tumjiave 
an impact on organisa tio ns such 


the longterm ■ unless the small 
business sector can grow fast 

enough to generate its own pooL 

A lot may also depend cm how 
the existing stru c tur e changes 
with the shape of the new ser- 
vice sector. Dr Andrew Robinson 
of the Northern Development 
Company says: “The Metro- 
Centre employs 7,000 already 
and this is comparable to num- 
bers employed In mining. Steed, 
Coal and sbipbulding don't hang 
from our series like an albatross 


Agrictihra, forestry, RsNng 

Energy and water supply 

Metal mfro and chemicals 

Metal goods, engineering, vehicles 

KOTO 

52.000 

71.000 
122OT0 

15 

SO 

6.8 

11.7 

Orfwr manufacturing 

96.000 

&2 

Constructor 

4SOT0 

A3 

vVTKmBmawnMm* nows, ctoiq 

100.000 

as 

Ratal dtabtwtfan 

115,000 

113 

Thmsportandconvnuricafons 

56.000 

5.4 

Banking, Insurance, finance 

06*000 

63 

PubfcacfiiTiniBWionanddelanw 

03,000 

TO 

Education, health, other services 

226OT0 

21.8 • 


tor 

“A hell of a lot of our time is 
spent in London with Minister!, 
in Whitehall, and with bankers. 
But we think it Is very important 
to be in the region and to keen 
our main board hers,’ says Mr 
Anderson. 


1,046^000 


hxm) 


SouncDipicfBnpIquant 


any more. There is a better cadre 
of people available now.” 

Preventing farther deteriora- 
tion of the basic Infrastructure 
seems crucial, however. NEI’s 


is a major stabffloer - 

- Graeme Anderson, the deputy 

chairman, ays that he did not 
realise how modi until he joined 
the board of Tyneside's urban 


One figure sums up tbs lack of 
baiapr* which NEI is a maim' 
factor in trying to counter. 
According to the stockbrokers 
Penney Easton, the region his 
only 30 listed companies based 
locally. The contrast with the 
144 in neighbouring Yorkshire 
and Humberside speaks for Itself. 

Pro rata, for its fixe the North 
should have nearer 100. - 

tan Ha milto n Fazey 


The North is 
shaping its future. 



• Six NB companies are based on Tyneside. 
They employ over 7,500 people. 

TogethertheyVe helped make NEI one of the 
top 30 exporters in the UK. 

We sell turbine generators to Iraq, Singapore 
and Brazil. Switchgear to Saudi Arabia and 
Singapore, in India we're building a 1Q00MW 
power station. 

At home we supply both the army and the navy 
with equipment 

If you want to know more about NEI and its role 
in the North, either write to NEI Information 
Services, NEI House, Regent Centre, Newcastle 
upon Tyne NE3 3SB. Telephone 091 -284 3191. 

Or go abroad. 



Northern Engineering industries pic 


THIS SHOULD have been the 
Northern Development Com] 
ny's year. Formed with 
support from local authorities 
aiia the private sector, its leaders 
feted by Cabinet Ministers in 
London, it hid the fairest of 
winds for an attention-catching 
launch. Then It suffered a severe 
blow. 

Mr Martin Easteal, its chief 
executive, quit after only five 
months, his family unable to set- 
tle in the North-East from Har- 
low In the South-East. The 
embarrassment was excruciat- 
ing, producing damaging head- 
lines such as^Mr North foils to 
persuade Mrs South.” 

Mr Easteal's short tenure is the 
first thing that private sector 
leaders talk about when the NDC 
is mentioned. The widespread 
view among them, however, is 
that things were not working out 
anyway so it was better he left 
sooner than later. They want the 
damage repaired quickly so that 
the NDC can get on with its job. 

That job is to act as the North- 
ern Region’s equivalent of the 
Government’s Scottish 
mart Agency (SDA) or its W« 
counterpart - though without 
their advantages, of having Min- 
isters to lobby far them in Cabi- 
net and budgets worth tens of 
millions of pounds. 

The NDC la instead a volun- 
tary wiHanrt* of local authorities, 
public sector industry and pri- 
vate business. It has, however, 
subsumed the old North of 
id Development Council 
the region’s recipient of 
the Government’s Invest in 
Britain funding to promote 
inward investment from abroad. 

This brings in the biggest share 
of the NIXTs £23m budget. 

W hat it lacks, compared with 
the SDA or WDA, is a factory 
building arm and the ability to 
offer financial help to new, 
incoming or expanding compa- 
nies. Instead it works in close, 
but loose, collaboration with 
W nflifaii EatntM and the Depart- 
ment of Trade and Industry. 

It will also collaborate closely 
with the region’s two new urban 
development corporations - both 
of which will be conc e ntra ti ng 
on getting thousands of derelict 
acres into developable shape. 

Devices such as interlockma 

directorships will help keep role i s central to developing an 
everyone ui step with each overall strategy that will qptizn- 


Northern Development Company 

Building a consensus 


other. 

The effect is Government con- 
trol of the major purse-strings 
for general industrial develop- 
ment while the NDC builds local 
consensus to get everyone in the 
North pulling together. This 
makes it unique as a bridge 
across the region's political 
divides, especially since some on 
the Labour left have already 
urged' no cooperation with the 

Consensus it has to be. Labour 
dominates the local authority 
scene and the NDC cannot risk 
voting on anything that might 
precipitate a split an party lines. 
This, in itself, is probably the 
major deterrent to the Govern- 
ment giving the NDC much more 
money for industrial develop- 
ment and letting it gat on with it 
- in simple political terms, it does 
not trust Labour. 

There is therefore an inherent 
fragility about the consensus 
Chat de m ands considerable diplo- 
matic skill of the NDCs leader- 
ship. It is against this back- 


•%v 


' -’Snv* 


Ti 

■ 


Mr Atkinson: *We 
are only at an early 
stage. We have to 
prove ourselves' 


ground that 
the chi 


chairman, has 


depar- 
nt nks- 


tempo- 


used to run the 
DTI In the region, understands 
all the issues very well and was a 
driving force in setting up the 
NDC in the first place. 

He says: "Mr Easteal's 
tore has been a significant 
cup but the manner in which the 
staff has responded has been 
magnificent, we have also M 
enormous practical support from 
the private sector, with solid 
help offered, including second- 
ment of senior managers. 

"None of the local authorities 
has used the incident .to rethink 
its position. Government depart- 
ments have also been s up port i ve/ 
as have two Secretaries of State 
and two permanent secretaries" 
What this recognises is the 
widespread understanding of the 
need far the NDC or something 
like it. Mr Atkinson believes Its 


ise use af government money In 
the region, given the large num- 
ber of different pots it Is going 
into. 

He sees it offering Ideas on pol- 
icy as part of its job. These 
might mate to academic activ- 
ity. development of a balance of 
industries, the need to get more 
research and development into 
the region, how to develop tour- 


ism and other service industries: 

Dr Andrew Robinson, the 
NDCs heed of corporate affairs, 
takes the argument further. “Our 
model is the SDA and certain 
European regions such as Greno- 
ble, Turin, Catalonia, Baden- 
Wurttemburg - all areas of poten- 
tial and growth we can learn 
from,” he says. 

The NDC has been taking a 
lead in conceptualising where we 
should be going. Most European 
countries are organised on 
regional lines, and the regions 
compete against each other. 
They can teach us a kit* 

Dr Robinson says that the NDC 
Is targetttng on seven good 
industrial areas for growth - 
piftsHru, information technology, 
offshore, faWnn and 
textiles, pharmaceuticals and 
biotechnology, and advanced 
manufacturing technology. 

It is also looking at how to get 
more money out of the European 
Community. "What is the best 
practice? Other countries do bet- 
ter than us. We are the loudest 
In asking for money, but the 
effort is fragmented,” ha says. 

Where the NDCfhas an outstand- 
ing track record already Is in 
overseas promotion. It has the 
subsumed NEDC to thank for 
this, which brought with it 
offices In Chicago, Tokyo and 
Hong Kong. 


Mr Chris Fraser, head Of over- 
is adopting a tar- 
tnroBcii in the US with 
ng. The US is 
likely to remain the UK's biggest 
inward investor and While the 
second largest input comes from 
West Germany, Scandinavia is a 
big investor in the North-East 
too because of a recognition erf 
proximity that goes back to the 

ZznSm Far East, Japan b the 
major target area, with the NDC 
playing on Japanese fears that 
future European sales may 
depend on manufacturing in 
Europe. 


There are now 17 Japanese 
companies in the North-East, 
with more on the way. The 3300 
employed now will rise to 5.000 
by 1990, when Japanese capital 
investment will be £500m, repre- 
senting more than 20 per cent of 
Japanese manufacturing invest- 
ment in the UK. The region also 
got the first UK manufacturing 
investments by Korea, Hong 
Kong and Singapore, all the 
result of targettea approaches. 
Taiwan, Korea and Australia are 
next 

All of this encourages Mr 
Atkinson, who expects to see Mr 
East e al's successor appointed 
soon. He says: "1 would not do 
this job If I did not believe there 
was something the NDC could 
achieve. You are fighting 
the idea that if you set up an 
.organisation you have solved the 
problem. We are only at an early 
stage. We have to prove our- 
selves. But people are more 
encouraged now than ever 
before.” 

ton HamMon Fray 


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Its new operation cm tyneside augurs 
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Financial Times Monday November 30 1967 


Venture capital 


NORTHERN ENGLAND 3 


Behind the nappies 


Industrial restructuring means changing the region’s culture 

Improving the enterprise climate 


-Sr / " ?. 

■ 


WHEN LORD YOUNG, the Trade 
and Industry Secretary, opened 
the new 78,000 sq ft factory of 
Blue Ridge Care in Cornett this 
month, his visit marked another 
step in the remarkable emer- 
gence of a new industry in the 
Northern Region - venture capi- 
tal. 

Investors in Industry (31) - the 
venture and> development capital 
provider owned by the Bank of 
England and the main cleaners - 
might argue that, since it has 
beat in Newcastle for 15 years, 
there is nothing much new about 
risk capital in the area. 

However, Ur Cohn Chadbum, 
who has been with 31 since those 
early days, says: “The nature of 
■the business has changed very 
much. Fifteen years ago you 
would not go out looking - all the 
bumness would be referred. We 
are - much more, pro-active now 
and competitive.” 

His competitors include North- 
ern Investors, a £5m fund 
formed in 1984 as a private sec- 
tor replace m ent for the Govern- 
ment s wound-down British 
Technology Group, and the 
2&26m Northumbria Unit Trust, 
one of Lazard's regional funds. 
Soon, the Newcastle office of 
stockbrokers Penney Eastern will 
be launching a fund for equity 
iteJg of under £50,000. 

These are small sums com- 
pared with the millions that & 
can call upon from national cof- 
fers but their significance is not 
so much their size as that they 
are there at alL All have some 
measure of private sector money 
from London, in them, so success 
will give the City greater confi- 
dence. 

The growth of Northern Inves- 
tors is doubly significant, for 
apart from about £lm of London 
money - including £100,000 from 
Northumbria Unit Trust - the 
bulk of its fund has come from 
local industry. 

Giants such as ICI, NE3, Vaux 
Breweries, Tyne Tees Television, 
and Trafalgar House all contrib- 
uted substantially in a six-week 
rush in 1984, doubling the £2m- 
&3m expectations of Mr Michael 
Denny, Northern Investors' man- 
aging director. 

One-third of Ms fund's S2.3«i 
portfolio to date is in start-ups. 
There have been 18 Investments 
to date and Mr Denny expects to 
be fully invested with another 22 
by the end of next year. He will 
then be looking far more money 
and more investments. What has 
bean happening generally so far 
should encourage potential back- 
ms. 

The spectacular growth of Blue 
Ridge Care, which makes dispos- 
able nappies, is one example. 


Northumbria Unit Tkust is one 
Investor here with £308,000, 
while another is GIN Industrial 
Investments. Their backing has 
enabled the British Technology 
Group, which put about £400,000 
of the original start-up money in 
its last investment, to at a 
profit. 

The company’s success says 
much about what a combination 
of the right sort of Government 
aid and venture capital can do. 
The founder, Mr David Langston, 
is an American who had 
researched the gap in the UK 

nappies market - disposables had 
only 15 per cent share in 1983 - 
for his US employers. Consett 
appealed as a steel closure area 
with many grants available. 

When - his employers 
retrenched because of economic 
problems at home, Mr Langston 
derided to do It himself, putting 
up £100,000 of Ms own money 
and moving house from South 
Carolina to . Newcastle. EBs com- 
mitment was the sort of earnest 
which risk capitalists need and 
he got enough to get going 
purely on a equity basis. 

The gamble he took was find- 
ing good people to join his man- 
agement team, but he did so, 
recruiting production, finance 
and sales directors in the local 
labour market. 

The business was on three- 
shift working within two months 
and numbers employed have 
grown from 15 to 180 in three 
years. Turnover has gone from 
£3.7m to £9.8m and should be 
£18m-ptu» this year. Meanwhile, 
disposable nappies now have 66 
per cent of the UK market and 
Blue Ridge has 10 per cent of all 
nappy sales. 

Mr Chadbum prints to a string 
of successful investments by a, 
including Northumbria Fine 
Foods, which started with 
£30,000 of 3i money in 1977. 
More rounds of financing fuelled 
continuous growth. When the 
, company went to the market last 
year, 31 sold enough to take out 
£lm while retaining a 9 per cent 
share of the equity. 

Derwent Valley Foods, famous 
for its Phfleas Fogg cocktail 
snacks, Is another 3T client Its 
four founders came from the 
North-East crisp industry, 
though they did not have a prod- 
uct - only their talents - at that 

8 t 18 c Industry, Barclays, and 
the DTI all helped to get them 
going. The company had an 
early crisis but Si gave the neces- 
sary bank guarantees to get them 
through it - exactly the sort of 
situation where risk capital 
scores over a hank's comfortably 
secured loan capital, for the ven- 


ture capitalist sink* or swims 
with the investee. 

“We do strategic planning with 
client companies. It’s not , 
hands-on management - it's 
eyes-on management,” Mr Chad- 
bum says. 

Mr Denny gets more involved. 
“We are interventionists. We try* 1 
to add value to investments 
made. . You add value by active 
participation, i 

“We help people to find cus- 
tomers. We don't just say, Here 
you are sunshine, here's XYZ 
pounds, we hope you do all right 
with it.' We are in the handB-on, 
interfering, value added business 
of trying to make people rich. 
The security we achieve is to 
manage our investments and 
help them make money,” he 
says. 

Northumbria Unit Trust 
spreads its risk and achieves 
liquidity by investing part of its 
funds in local quoted companies. 
At year-end on September 30 the 
offer price per unit was £231 
compared with an issue price in 
1983 of £100. 

Its two failures have been off- 
set by two successes where its 
shareholdings were sold at twice 
the original cost, leaving it about 
£300,000 ahead so far. Its six 
remaining investments include 
Blue Ridge, its biggest, and 
Northern Investors, its smallest. 

But do the funds go small 
enough? Mr Chadbum thinks 
money is there for good projects 
and says that the 46 deals that 3i 
will do this year will range from 
£15,000 to £2m, with 15 of them 
equity deals worth under 
£100,000. Mr Denny's range is 
£25,000 to £15m, with anything 
over £400,000 syndicated out. 

Mr John Williams of Penney. 
Easton says this is not enough. 
He thinks more people would 
start up in the area if they were 
less daunted by bank interest 1 , 
rates. Penney Easton's new fund 
- he is getting the money from 
City institutions - will be primar- 
ily tor seed-cam projects. 

A due to where some clients, 
may come from is that he also 
dans, a company to promote 
joint ventures, or technology 
transfer, or export-import busi- 
ness with Hong Kong. 

' The North-Sot does not have 
a long tradition of small business 
entrepreneurlahsm. A few suc- 
cesses may provide the encour- 
agement to change that picture 
considerably. Meanwhile, the 
foundations of the professional 
and financial n et w ork needed 
for venture capitalism to thrive 
are clearly emerging. 

Urn HamBton Fazey 


ONE FAST-GROWING, medium-, 
sized business in the North-East 
was recently raising more ven- 
ture capital to grow even Caster. 
Its managers, au recruited locally 
from big companies, were 
offered the chance to buy equity. 
To the entrepreneur’s astonish- 
ment, they declined. 

In the parts of Britain where 
there is a stranger entrepreneur- 
ial tradition, the opportunity 
would have been snapped up, 
with people borrowing to raise 
the money. Prof John Goddard 
of Newcastle University's Centre 

for Urban and Regional Develop- 
ment Studies finds the 
North-East response unsurpris- 
ing. 

He says it is more than likely 
that the managers concerned live 
surrounded by public sector pro- 
fessionals and middle managers 
working for larger businesses. 
Getting rich through doing your 
own thing does not spring easily 
to the forefront of people's 
minds. Peer group pressure is 
against personal risk. 


People need examples to fol- 
low and in Britain s thriving 


areas there are many more of 
them spread through suburbia. 
Prof Goddard says The social 
network hoe is not as good. It's 
a critical mass problem. 


. There are a lot of «tmH and. 

medium-sized fast-growing busi-' 
nesses, but there is a skill short- 
age in the management area that 
creates a managerial bottleneck. 
“It is going to be difficult for 

some to make the transition 

from being an owner-managed 

business to being a profession- 
ally managed one where the 
work is spread and delegated 
through a team.* 

This is not to say that entre- 

E euriaUsm is not alive and 
ing in the North-East and 
Cumbria, as the rapidly develop- 
ing venture capital scene proves. 
But the market is in an Infant, 
rather than adolescent state, and 
there are deeply rooted historical 
reasons tor this. 

The contrast is with the more 
thriving areas of the North as a 
whole, such as Greater Manches- 
ter and West Yorkshire. These 
have broadly-based local econo- 
mies, with long-established net- 
works of smaller businesses feed- 
ing bigger ones and with the 
bulk of people employed in units 
of under 600. 

As research by Investors in 
Industry (3i) has shown, smaller 
and medium-sized businesses fos- 
ter problem-solving ability - the 
main entrepreneurial require- 
ment - at all middle manager lev- 



Prof Goddard; ‘It create* a 
m a n a geri al bottiana d c* 

da down to the supervisor. This 
in turn fosters an entrepreneur- 
ial culture, encouraging those 
who want to do their own thing. 

Mr Colin Chadbum, head of 
3Ts Newcastle office, says that 
one way this manifests itself in 
the Northern Region is in the 
nature of management buyouts. 

Bigger businesses, with their 


The North-East’s top companies 


Company 


Hokfiag company 


Turnover Year end 
<£m) 


General Electric Co 

Fortoo AG 
William Baird 


Fergasoo Industrial Hhfgs 60S 
60S 

Corning Glass Works (USA) 5&2 


Northern Engineering 
Barratt Developments 
T. Cowle 

Slrtcair & Colds Hanson Trust 

Vaux Group 
Swan Hunter 

Yarrow Shipbuilders General Electric Co 

Whessoe 

ForboUK Forbo AG 

Darthem William Baird 

DAM. Autos 

Mlnories 

Crossfey Ferguson Fergmoo Industrial H 

Tyne Tees 

Corning Corning Glass Works 

Ropner 

J. W. Cameron 

Beltway 

Sunderiand Shipbuilders British Shipbuilders 
Darlington & Sinuson 
Rolling Mills 

Davy McKee (Stockton) Dray Corporation 

Greggs _ - 

Northern General Transport 

Charlton- Leslie E ngineer ing SOvertown Robber 

Laws Stores 

Cleveland Potash Anglo-American Com 

British Cteome& Chemicals Harrisons* CrosfleW 
SaderandCD St Martin Hokfings 

Walter Willson 

Pentorp Perstorp AB 

Cookson lodostrial Materials Cootaon Group 


Capital equipment 
Building 
Motor trade 
W/sale distribution 
Brewing 
SMpbiming 

Shipbuilding 
Engineering 
Vinyl products 
Process plant 
Motor trade 
Motor trade 
Bolkfing materials 
Progra mm e con tr acto rs 
Glass 

Holding company 
Brewing 
Budding 
Shipbuilding 
Steel reroiling 

issr- 

Bus operator 
Process plant 
Retailing 

Potash production 

Chemicals 

Haulage 

Retailing 

Plastic mate ria ls 

Smelting 


tendency to be branch factories, 
do not have & toll team of man- 
agers to run the business on a 
-stand-alone basis, nor do they 
get the scope to operate outside a 
bid-down strategy to learn more 

«Hlk 

• The buyouts mostly involve 
smaller businesses, usually fami- 
ly-owned, where the range of 
managerial skills is wide and 
where a more entrepreneurial 
attitude runs throughout the 
enterprise. This is where people 
learn and develop the confidence 
to bid for their businesses. 

So, despite many examples of 
successful and growing busi- 
nesses, they are so far making 
little impact against a general 
industrial culture where succeed- 
ing generations have grown used 
to working for dominant, local 
employers or depending on the 
state to support them m unem- 
ployment. 

Changing this culture Is a cru- 
cial to industrial restructuring, 
but many believe that combat- 
ting anti-entrepreneurial atti- 
tudes that nave become 
ingrained ova 1 generations will 
itself take a generation or more. 

In Cleveland, the Rev Bill 
Wright started In 1979 to run 
sessions on self-employment for 
sixth-formers with members of 
the Teeraide Small Business 
Club. Now the sessions extend to 
all schools, with Durham Univer- 
sity Business School, BSC Indus- 
try, the DTI and NatWest all 
offering practical or financial 
help. 

Every Cleveland pupQ has a 
new option on the timetable 
exploring what Mr Wright calls 
the ‘key life skills” of self-confi- 
dence, enthusiasm, leadership, 
creativity, risk-taking, problem- 
solving and flexibility. These are 
aimed specifically at any young 
people who might be interested 
In self-employment later on. 
Some start even in primary 
schooL 

Cleveland's initiatives also 
include support for people in 
self-employment, with advisers 
paid for by the Manpower Ser- 
vices Commission via the Com- 
munity Programme. Youth Busi- 
ness Centres - one-stop shops for 
advice and help - are the third 


Meanwhile, other Initiatives 
strive to keep talent in the 
region, for flight to London or 
elsewhere has been the only way 
for many to find chanzwds for 
their abilities. 

Design Wanks Is an example. 
This was a clothing factory in 
Gateshead owned by the Burton 
Group. The Sir Robert McAhnne 
group is using Community Pro- 
gramme labour to convert it into 


a complex of studio workspaces, 
exhibition areas and training 
facilities. Marketing and broker- 
age support will help designers 
win orders from industry. Bur- 
ton's Sir Ralph Hal pern has 
promised orders. 

Another example is also in 
Gateshead at Slonehills, a dis- 
used factory that is now a com- 
plex of incubator and larger 
units, a software development 
centre, a women's employment 
project and a television studio 
that offers training for media 
technicians, as well as businesses 
wanting to use videos in their 
marketing. 

Enterprise agencies and an 
innovation centre are also active, 
and since these rely substantially 
on the private sector for support, 
this means widespread interest 
in changing the culture on the 
part of existing big business. 

However, there is a problem 
caused by the private sector's 
narrow base in the area. It 
means that the same sources are 
being tapped time after time for 
money, secondees and other sup- 
port in land for these projects. 

The first, ominous sign that 
the well may not be deep enough 
for everyone to drink from has 
come with the postponement of 
a start on the Cleveland Enter- 
prise Centre, planned as a S2.2m 
example of the best in job-cre- 
atlon practice. 

ICI, DSC Industry, British Tele- 
com, Barclays, Northern Foods, 
Esso and IBM have put in money 
or manpower, but the project is 
still substantially short of the 
ST00,000-worth of private sector 
backing it needed to get a similar 
sum from the public sector 
under the Government's “pound 
for pound” rules. The rest of the 
cost would come from a commer- 
cial loan. 

Here, then, is a paradox. The 
region needs the centre to 
expand the private sector from 
the bottom up and reduce an 
overdependence on big business 
and the public sector that inhib- 
its the growth of a wider enter- 
prise culture. But the private sec- 
tor is too small to pay a big 
enough share to get the centre 
going. 

What works In more widely- 
based regions which have a bet- 
ter climate for enterprise in the 
first place may therefore not 
work in Northern England. The 
private sector spirit has shown 
itself willing, but the imbalance 
of large and small, public and 
private, weakens its ability to 
pay endlessly. 

He that hath not cannot give 
at alL Will the Government have 
to re-think its rules? 

Ian Hamilton Fazey 








■ 1 . 


- / V. , 




AYCLIFFE AND PETERLEE. WHERE THE 


NORTH-SOUTH DIVIDE REALLY SHOWS 







i. 


With our help, jobs are heading 
in the right direction. 


The wind of chang e is blowing through 'the North 
of England. 


partnership with other organisations who share the 
objective of creating jobs. And, through our Business 


Gone are the days when the region's fortunes rested Support Scheme, we're also helping ensure that bur 


entirely cm t raditional manufa cturing industries. 

As English Estates' Northern subsidiary, we're helping 


existing 1700 tenants go from strength to strength. 

The success of this programme can be measured by 



the region to develop a more diverse, move dynamic the 74£00 men and women already at work in our 
economy Wfe’re at tracting employers to the area by properties throughcnrtNorthimaberian^ Durham, Tyne 

providing- a wide of commercial and industrial and Wea^ Cumbria and Cleveland, 

property. From custom-built high tech premises, to The prospectsfm: the future ofthe North can be seen 

craft homes and worisshpps in I IPTVriT TGTJ the furdier million square feet 

rural areas. }— I— > ^ we shaD be building this year 

V^re encouraging the start ESTATES So, with our help, jobs wfll 

up of new businesses, often in" " " NORTH " " — continue to head North. 

The Developing Agency 


Bank House, Cariiol Square, Newcastle upon Tyne NE1 6UL Telephone: (091) 261 6186. 



You think there's no such thing 
as the North-South divide? 

If you're relocating people to 
Aydiffe and Peterlee, we think 
you’ll change your mind. 

Even the simple pleasure of a 
walk in the park takes on a whole 
new meaning. 

The Development Corporation 
area is within easy reach of the 


spectacular scenic variety of the 
Yorkshire Dales, North York Moors 
and the Northumberland National 
Parks, and you're close to a host 
of delightful smaller coast and 
country parks, too. 

Make no mistake, the North- 
South divide does exist. 

And at Ayclilfe and Peterlee, it 
really shows. 



FOR DETAILS OP GRANTS, FINANCIAL PACK- 
AGES AND BUSINESS PROPERTIES AVAILABLE, 
CONT ACT: K EITH SUMMERBELL, THE AYCUFPB 
AND PETERLEE DEVELOPMENT CORPORA- 
TION, THAMES HOUSE, NEWTON AYCLIFFE. CO. 
DURHAM DU SAW. TEL AYCLIFFE (0325) &13&ZL 


* £ • 



f / 


VI 


Financial Times Monday November 30 I 


( NORTHERN ENGLAND 6 ) 


ST 

ii! 


Gateshead festival 

Northern Kew 
takes shape 


THE SITE, or rather sites, of 
Gateshead National Garden 
Festival 1990, were once 
among the most polluted and 
despoiled to be found beside 
the River Tyne. 

Reclamation of the former 
Bedheugh Gasworks, the Nor- 
wood Cofceworks, the Thomas 
Ness Tarworks and the Nor* 
wood railway sidings repre- 
sents a major initiative by 
Gateshead Metropolitan Bor- 
ough Council. It spent 54m of 
Derelict Land Grant In under 
four years in accelerating a 
process which might other- 
wise have taken 90. 

By June 1988 reclamation 
will be complete and the 
framework in place for festi- 
val uses to take shape. 
NGF90, as it is known, is set 
to follow Liverpool, Stoke- 
on-Trent and Glasgow In the 
modem garden festival move- 
ment, which progresses to 
Ebbw Vale In 1992. It seems 
likely to be among the more 
memorable settings. 

A prime reason is location. 
Gateshead could hardly have 
chosen a tougher prospect 
than the four sites, linked by 
a disused rail corridor ana 

S anctaated by the noxious 
iver Team. Residual contam- 
ination included phenols, sul- 
phides, tars, heavy metals 



Your opportunity to 
plug into the 
facilities, resources 
and services 
oflCI. 



:ia 

uses to support its own businesses on Teesside 
You can do it in a landscape designed for 
technology which offers an exceptionally high 
standard of accommodation with sizes to suit 
both small and large companies. The terms are 
very attractive andthe grant availability even 
more so. Clip the coupon now for the full story 


Abetter business move- 


To: George H untec Chief Executive. 

Belasis HaQ Technology Park L£d, P.O. Box I, Effingham. 
Stockton-on-Tees, Cleveland TS23 1 LB. 

Please rush me full details of the Belasis Hall 
Technology Park development and the ICJ support 
information. 

Name 

Company 

Address 


.. .. .•*- .. . 


BELASIS HALL 

TECHNOLOGY PARK 

Belasis HaD Technology Park Ltd, P.O. Box I. Biffingham, 
Stockton on Tees, Cleveland TS23 1LB, England 


Ajoint initiative by , r , 

Imperial Chemical Industries and English Estates North. JJ 


National Garden 
Festival Site 

Gateshead 1990 


„ Newcastle Tyne 

Central Station 


and a 20ft layer of compacted 
coal dust. 

On one flank is a 1960s 
municipal housing estate, 
whose massive tower block, 
known as The Rocket, domi- 
nates the skyline. On the 
other, gasholders protrude. 
The Tyne shore is dominated 
by the massive silhouette of 
the coal staiths. whose cente- 
nary falls in 1990. 

It is not the sort of place 
where you might expect to 
find hundreds of rare tree 
species, a Northern Kew. 
That is why Mr David Cope- 
land, NGF90’s executive 
director, is preparing for a 
greener look than other festi- 
vals. The contrast of copious 
planting with the stark envi- 
ronment around promises 
great visual excitement. 

Mr Copeland is a planner by 
profession but his company, 
which has operational inde- 
pendence from the local 
authority, has eschewed a 
masterplan. Festival themes - 
childhood, Tyne heritage, 
homes and gardens - link with 
agreed after-uses of recre- 
ation, leisure activities and 
housing. The festival itself, 
however splendid, is princi- 
pally an enabler. 

Without it, Gateshead 
would never have levered 



£6. 4m in derelict land grant 
for the 200-acre site, let alone 
a further £ 13.5m from other 
public purse sources to multi- 
ply die borough’s own £5.8ra 
injection. Private sector con- 
tributions should add an 
all-important 54m to capital 
spending, plus £6m in spon- 
sorship. Projected operational 
profits of &5m during the 
summer of 1990 suggest an 
overall budget in excess of 
540m. 

That is big money, and 
Gateshead MBC will be guar- 
anteeing revenue costs of up 
to 58m to encourage partici- 
pation. On present evidence 
there will be no lack of tak- 
ers. NGF90 is in the process 
of negotiating main-title spon- 
sors; the 54m capital injec- 
tion will come from end-us- 
ers. The main problem, as 
ever, is time. 

Reclamation offered a par- 
ticular challenge on the key 
Bedheugh site, where pollu- 
tion was too imbedded for the 
ground simply to be capped 
.off. Given massive drainage 
demands, the borough's recla- 
mation team decided to imple- 
ment a capillary break blan- 
ket method invented by Dr 
Tom Cairney of Liverpool 
Polytechnic. This admixture 
of pulverised fly ash, crushed 
dolomite and sand allows 
downward percolation but no 
upward movement. PFA is 
also being used in the sub- 
soil, along with straw and 
100,000 cubic metres of silt 
dredged from the Tyne. Top- 
soil, stored nearby, comes 
from the Nissan factory site 
at Washington. 

The staiths fronting 
Bedheugh, listed for their his- 
toric importance, are under 
restoration at a cost of 
£ 1.26 m. Their gantries will be 
put back in working order, 
and track is being laid for 
period steam locomotives. 
Steam is already lined up in 
the presence of the Raven- 
glass and Eskdale narrow 
gauge railway, which will 
serve as a distributor around 
the two northern sites. A 
slow-moving monorail, pre- 
funded by a Belgian firm, 
does a similar job around the 
southern sections. 

One established planning 
principle is that all motorised 
vehicles are segregated from 
pedestrians. Given the dis- 
tance be twee n sites, with car 
and coach parking necessarily 
on the fringes, balance and 
distribution of visitors - at 
least 26,000 are expected on 
peak days - will be crucial. To 
this end a continuous road 
train service will run on its 


own track between the main 
transit points. 

Pedestrians can make the 
same journey on a spine foot- 
path with shelter points 
every 100 yards and shop- 
ping along the corridor sec- 
tion. The path could also 
accommodate a linear modern 
art exhibition • if there is 
room. Some of the early tree 
planting (over 1m already) is 
jeopardised by rival uses. 

Regionally-based landscape 
architect practices were 
awarded £1,000 each to pro- 
duce ideas around the exist- 
ing structure and themes. 
Each, says Mr Copeland, will 
be offered further work on 
merit. That Is also his atti- 
tude to the nurseries and gar- 
den centres seeking to supply 
plants. Where possible, all 
co ntra cts are to be let locally 
but rarer species or specifica- 
tions may have to come from 
further afield. 

Despite NGFOO's quest for 
excellence, its appeal will be 
unashamedly popular. 
Indeed, this combination of 
high horticultural and ame- 
nity standards linked with 
themes like Magic and IOu- 
sion or The Future, is hoped 
to create a heady brew of 
local enthusiasm, regional 
pride and naHiwi recogni- 
tion. 

Will its success, in the end, 
be measured simply in num- 
bers? Mr Copeland points to 
the huge vested interests, 
public and private, in a 540m 
project, all with different 
objectives and individual 
ways of reckoning value for 
money. There are bound to be 
those who feel unhappy. 

However, be has no doubt 
that the festival will offer a 
major boost to the North- 
East's image and self-esteem. 
It will provide a legacy of 
exciting tourist attractions 
along the Tyne, of high qual- 
ity recreational facilities, of 
private and rented housing. 

Perhaps the spirit of NGF90 
Is best summed up by a two- 
acre section beside the River 
Team in Bedheugh where a 
Third World village is 
planned. Visitors will enter 
through an aircraft fuselag e , 
and groups from different 
countries will demonstrate 
the realities of their everyday 
life. It is a symbol that a rich 
nation with the ability to 
regenerate one of Its own 
devastated areas has not far- 
gotten the wider perspective. 

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Cumbria 

North by North-West 


EVERYONE KNOWS where 
Cumbria is located on toe map. 
Where it is located in terms of 
the English regions is something 
else. The Northern Development 
Company (NDC) claims it for toe 
Noth; its major employers - who 
contribute massively to future 
industrial development - want it 
in the North-West. 

Meanwhile, the county - 
farmed in the 1970s by the amal- 
gamation of Cumberland and 
Westmorland with parts of north 
Lancashire - pays its dues to 
Inward, the North-West’s inward 
investment agency, not the NDC. 

Cumbria County Council has 
yet to decide whether it wants to 
go into the NDC as a fully 
paid-up member. Carlisle City 
Council has voted in favour but 
has no general support in much 
of industry mid commerce, par- 
ticularly in West Cumbria. 

Critically, two of the most 
powerful elements ip toe indus- 
trial infrastructure - VSEL, the 
Trident submarine yard at Bar- 



row, and British Nuclear Fuels 
(BNFL) at Sells Arid - are inter- 
ested in staying In the more 
buoyant North-West 
Confusion abounds,, partly 
because of. the Government's 
stance. Cumbria is in the North 
for statistical purposes but in the 
North-West whan, it comes 1 to 
administration by the Dej: 
meets of the Environment i 
and Trade and Industry I 
The Government pins it in the 
North when the monthly unem- 
ployment statistics come out, for 
example. The official reason is 
that Cumbria was in the North- 
ern Region's original -statistical 
base and it would confuse mat- 
ters to change it ■ 

However, Cumbria’s figures 
.are broken out easily on request 
.and, with modem computing, 
change and recalculation of toe 
base would not be difficult (hie 
cynical view is that Cumbria’s 
low unemployment rate of under 
10 per cent helps disguise how 
bad things really are in the 
North-East 


Tourism 


Penny-pinching is 
bad housekeeping 


TOURISM IN Cumbria and Nor- 
thumbria, the two ETB regions 
for Northern England, is a mul- 
ti-million pound business. Last 
it was worth an estimated 
to Cumbria and to 

Northumbria, providing around 
50,000 valuable jobs across the 
North. Yet the two tourist 
boards, with a combined turn- 
over of just 51.07m, are bat 
to conserve their operatic 
pennies for everyday survival. 

Northumbria Tourist Board, 
whose bailiwick extends from 
Middlesbrough to Berwick -on- 
Tweed, is currently considering 
travel restrictions on its develop- 
ment staff Cumbria asks jour- 
nalists to kindly return back- 
ground documents, or cough up 
the shelf price. . 

The tourist boards claim their 
housekeeping practices are 
alre ady s tringent They say that 
the ETB has indicated standstill 
budgets for next financial year. 
Many of the local authorities 
which support them are rate- 
capped. The principal expansion 
route is through sponsorship, 
and in Cumbria at least commer- 
cial membership would be diffi- 
cult to improve 
Grant aid for to urism , pro je ct s , 
whic h comes from a separate 
ETB allocation, amounted to 
SB44JXX) in Northumbria, during 
1986-87, levering 54.27m and 256 
jobs. In Cumbria £510,009 
brought an Investment of S4ESm 
and 116 jobs. 

Because they are geographi- 
large out numerically 
Cumbria and Northumbria 
have mast to gain from member- 
ship of toe Northern Consortium 
of tourist boards, whose joint 
ov er seas marketing of “Ekigland's 
North Country,' using Manches- 
ter Airport as the gateway, 
shows great potential. 

At toe other end of things, 
Northumbria recently set up its 


gall 


a tourist information centre at 
Newcastle Airport. 

In comparison with the other 
regional board areas, Cumbria 
and Northumbria form the bot- 
tom league, with 15m and 10m 
bed nights recorded respectively 
during 1985 CThames and dux- 
terns was the next lowest at 
30m). H ow ever, tourism’s Impor- 
tance to the Northern Region’s 
economy is double the national 


average in Job terms. 

This is brought about by a 
combination of geography, 
topography and industrial reces- 
sion. with the current agricul- 
tural crisis, Farmers are also 
turning to tourism as a valuable 
source of income. Most of the 
region comes within rural devel- 
opment areas, while land ova: 
800ft Is officially a Less 
Favoured Area lor farming. Such 
designations bring access to 
Development Commission and 
European Community funds. 
The challenges - and opportuni- 
ties - vary widely across the 
region- Cumbria acknowledges 
that the Lake District becomes 
unhealthily full in season. Offi- 


cial poficy Is to encourage tour- 
ism is the zest af the county, 
and special emphasis is being 
placed on both Penrith and Car- 
lisle as centres. Poes- publicity 
about Chernobyl fall-out over 
the feOs has been balanced In a 
strange sort of way by British 
Nuclear Fuels' s ucces s fu l promo- 
tion of the Windscale visitor cen- 
tre. 


Northumbria, with no sin gle 
tourist magnet, suffers from a 
lade of perceived identity. But 
unlike Cambria it has two major 
conurbations in Teesside and 
Tjme ft Wear, whose smart busi- 
ness hotels. offer potential for) 
weekend breaks. ludxDesbrc 
is only a few minutes from ... 
North Yorkshire Moors, ami its 
hotels are good value. Newcastle 
claims to be the liveliest regional 
centre in Britain. 

Attempting to create the miss- 
ing tourist identity, the Narto- 
East’s local authorities are 
becoming enthusiastic promoters 
of their own patch. Durham 
County Council sells - the theme 
of the Prince Bishops who once 
ruled the world from D urham 
Cathedral. South Tyneside (or 
South Shields) majors' on Cather- 
ine Cookson, the romantic novel- 
ist.' Alnwick pushes the Percy 
connection as the Lion Heart of 
Northumberland. 

An irony of the present pen- 
ny-pinching is that Northumbria, 
especially, is so marketable. As a 
tourist region it has just about 
everything, from Hadrian’s Wall 
to the Metro Centre, from 
Isle to the Odder Forest, 
superb communications and 
space for alL Any image prob- 
lems are Illusory. Those who 
come and see. for themselves 
know bettor. Yet Northumbria 
attracts exmstetentiy knv percent- 
ages of tourists from overseas, 
and from elsewhere in England. 

Mr Stephen Gent, Northumbria 
TB's development officer, 
believes that In the long run it is 
better to have a variety of 
themes than a honeypot like the 
Lake District. He fs worried that 
focUities could be stretched by 
the meat influx of people expec- 
ted for the Gateshead National 
Garden Festival in 1990. The rar- 
ity value of the North-East, 
something treasured by many 
visitors, might be dented. 

It is not that tourism organis- 
ers hide themselves away. On 
the contrary, they are phenome- 
nally busy year-round. Miss Jane 
Paterson, Northumbria’s senior 
marketing officer, reckons on a 
10-hour day and lots of weekend 
work. Tourist promotion does 
not have much of a career struc- 
ture and offers modest salary 
scales, it still suffers from the 
old slur that tourism is not a 

“rear job. 

Cumbria, an old hand at man- 
Lake District crowds, is 
of Northumbria, in produc- 
ing a strategy document for the 
coming five years, fra long Hat of 
objectives - like opening up new 
areas, protecting and imj 
environments, 

_ traditional industries - ends 
with a plea for a first stop in 
more realistic funding. *ln order 
to obtain maximum public and 
government support for the tour- 
ism industry, they should be 
informed about what the n eeds 
of the tourism industry are~CTB 
and other agencies urgently need 
resources to implement this 

StJ Tom?am in the North of 
England is more than a neces- 
sary curse. Its precisely-directed 
investment and its bias t o wards 
self-help have reel-life implica- 
tions tor local communities. 
Cumbria and Northumbria tour- 
ist boards believe they are sim- 
ply asking for better- tools to get 
on with on Important job. 

Robert WatarfcooM 


FINANCE FOR 
NORTHERN BUSINESS 


The Northumbria Unit Trust is a fund backed by local money inveaing in growing 
local businesses. 

Since 1983, companies from a wide range of industries including nranufecturing, 
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Funds are available for investment in all types ofbusndss within Cleveland, Cumbrn, 
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We welcome i 

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/Cumbria has a problem in fujly powerful friends 

Wcridngton, where 14 per cent , but so has 

unemployment has given it in cWef execu- 


development area status, but 
Carlisle has remained stable with 
United Biscuits, Pirelli and Nes- 
tle big employers, and Gavaghan 
and way, one of 3Ts long-term 
success stories as a major sup- 
plier of quiches and other high 
quality foods to Marks and Spen- 
cer. • 

Job creation efforts are 
much locally based. British 
- which, although it has long 
since dosed its west Cumbrian 
blast furnaces, has one of the 
world's leading rail making 
plants hi the area - is very active 
through BSC Industry. VSEL has 
one of tiie biggest training pro- 
grammes in. Britain . 

Meanwhile, BNFL has recently 
announced a 51m a year contri- 
bution to theWest Cumbria Ini- 
tiative, aimed at widening the 
industrial base and fostering 
more small business growth. 
This Is tiie sort of money the 
NDC could do with, but BNFL is 
not on its list of private sector 
backers. 

It is against this background 
that Mr Reay Atkinson, the 
NDCs chief executive, has been 
lobbying hard to get Cumbria 


af 

when compared heart 

to Newcastle make a nonsense m 
an east-west link. 

Mr Atkinson concedes k 

3U*S fiSSSt JSS 

North-West 

The people lobbying against 
him say the greater logc « to 
keep all of Cumbria in the west 
Pennine region, which ls " fl L r ®;, 
it is geographically, as the big.-, 
industrial guns want . -•^> 1 

Mr Atkinson will keep fi fthl y 
ing, however. He says: Cumbria - 
rives us a distinct advantage In 
promoting the Northern Region, 
especially regarding tourism and 
toeTstrengthof existing indus- 

^ Ian Hamilton Fazey 


r- t 


Cu 


COS’ 


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A snip for new 
ventures In Tyneside: 
Special financial 
incentives. 

■: Fbr futi details of aB the 
benefits available by locating in the 
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on (091)261 7392. 

We’ll send you our comprehensive 
«nl|3r7tia^ar7 any 

specific queries you may tme. 

FACTORY UNtTS FROM 
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ENTERPRISE ZONE 


Komatsu are pleased 
to be part of the 
expansion in the North 
East — contributing 
> technology, quality 
f and development. 










Are job planning investment in fee NORTH EAST? 

. Do you need to know local salaries and avaikbilitV* 

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Flpaneial Times Monday November SO 1987 


C NORTHERN ENGLAND 5 ) 


Bio-technology 




*. . 


• J. 




Belasis spots 
a winner 


t m 


* *■ " ritf 


M J.'if . 



*y 



NOT MANY com 

in the realm of advanced tech- 
nology issue open invitations - 
well .almost open - to all and 
sunary to come and share their 
hard-won knowledge. What, 
makes the Belasis HaU Technol- 
ogy Park on Teesside so unusual 
is that ICI has done just that • 

Mr George Hunter, the technol- 
ogy park's chief executive, 
explains: "Anyone in the park 
will be free to knock on ICTs 
door. 

role is to unlock the sped- 
expertise used within ICI 
in supporting its own businesses 
and. make it available to the 
whole spectrum of tenants from 
Bm»]i firms to branches of inter- 
national companies. 5 

Few small firms can afford an 
electron microscope, but would 
give anything to get at one far 
an hour or so a month, be adds. 

A joint venture between ICI 
and English Estates, with sub- 
stantial fin an ci a l backing from 
both central and local govern- 
ment, the technology pane com- 
prises 167 acres of land dedicated 
by the company. 

English Estates is building 
50,000 sq ft of business accom- 
modation known as Belasis 
Court Finished in traditional red 
brick, Hie seven pavilions' are set 
around a courtyard and range 
from rent-a-desk with common 
services up to a 10,000 sq ft 
block. 

Although the first phase of 
building wflU consist of advance- 
built premises, there are also 1 
parcels of land, up to 16 acres, 
available for companies requir- 
ing purpose-built facilities. 

These may be constructed by- 
English Estates to a client's spec- 
ifications and then leased to him, 
or incoming Wm yn«y wish 


to build its own property. Mr 
Hunter says there are a number 
of options for future develop- 
ment of the park. He is actively 
seeking the involvement of ven- 
ture capital. 

The facilities Id is willing to 
make available to incoming ten- 
ants include information tech- 
nology, from plant control to the 
electronic office, and stretch 
from patent agents to the whole 
gamut of engineering dlscipitaes. 

The proximity of ICTs biologi- 
cal products business and the 
advanced materials re s e a rc h and 
development operation are seen 
as very si g nif i c a n t attractions. 

Companies setting up in the 
technology park will also benefit 
from close contact with the 
region's academic woridL In 1983. 
the universities of Durham and 
Newcastle, together with the 
polytechnics of Teesside, Sunder- 
land and Newcastle set up a col- 
laborative working gro u p known 
as Hesin (Higher Educational 
S up port for Industry In the 

Significantly, as ks first ven- 
ture in collaboration, Hesin 
chose biotechnology, with the 
arrival in the region of several 
specialised firms, such as Ixnmu- 
no-diagnostlcs. Marlborough BSo- 
polymers and NBL Enzymes, and 
the presence of giants Boots and 
Glaxo, the North-East is already 
being seal as a major centre for 
the rapidly expanding UK Uo-. 
technology industry. 

This strength is one on which 
Belasis Hall Technology Park 
hopes to capitalise. Mr 
John RusariL Id Biological Prod- 
ucts general manager outlines 
some of the options: 

“We focus on the success of the 
venture and are prepared to be 
flexible about the nature of our 



relationship. This can be a sim- 
ple structured collaboration, a 
joint venture, a licensing 
arrangement or possibly contract 
work. 

Mr Hunter admits that access 
to ICI know-how cannot be 
totally open-ended. If informa- 
tion. could give commercial 
advantage to a competitor, there 
would be reservations. On the 
other hand. Id' would have to 
learn to live with worries about 
incoming firms headhunting the 
chemical giant's bright young 
men and persuading them to 
cross the road. 

Construction of the first 
of the technology park by 
pey has gone well and is ahead 


of schedule. The main buildings 
in Belasis Court were completed 
in three months and the mov- 
ing-in date for the first tenants 
has been toiught forward from 
May to March next year. 

The first company has already- 
been signed up and talks are 
under way with eight others 
about the facilities they require. 

Forty inquiries have been 
received, of which 25 look prom- 
ising. 

The Northern Development ... 

Company Is helping with the Belasis HaU is setting a trend 
marketing of the park, both in in technology park concepts, 
other parts of the UK and asserts Mr Hunter adding that 
abroad. US inquiries so far he intends to keep it that way. 
include specialist engineering 

and health care companies. How- Ewart Mann 


ever, 70 per cent of inquiries 
have come from within 100 miles 
of Teesside. 

It is accepted that not all ten- 
ants will want to tap-in to ICL 
Some may just want to locate in 
high-quality buildings in a park- 
land setting, which is why 
£500,000 is being spent at the 
outset 
the 
ahnr 
ting. 


The best 
ageofitskia 
In Britain 





y : ^ - * 




We come out 
ahead by any 
stan 



and lift easy to see why 

• a choice of greenfleid sites and premises 

• easy access to UK and European Markets 

• an attractive environment for business and pleasure 

• Government and EEC financial assistance 

• available labour and an exceHem industrial relations record 

• established international inuesnnent 

NombtKnBO&Md 

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MgrvunMrtMf Count* Count*. Courts HSL Mopon. 
NontuttvBndMaM a&l 
t* {D670| SMW 537WB Ac (0670J: 556K 


Education and industry 

Hesin’s key role 


THE NORTH-EASTS two uni- 
versities and three polytechnics 
have year organised them- 
selves to offer joint support to 
industry in high technology 
fields and help farce the pace of 
economic growth in the ; 

They famed an 
called Hesin - Higher 
Support for Industry - In 1983, 
but in -Jul y they -gave -the ■ body 
some teeth by appointing Dr 
;0£sin IbcNamin to market 
Hesin in the region and, through 
the NDC's network, abroad. 

Hie universities of Newcastle 
and Durham and the polytech- 
nics of Sunderland, Teesskw and 
'Newcastle are the aganlsatian's 
'members. 

Hesbi’s record to date has been 
founded In biotechnology, where 
it has had notable success in 
academics <wd 
_ is strong 

in the area through the pharma- 
ceuticals industry and 
expertise in heavy 

Contrary to popular 
.about test tubes and sms 
rataries 


The North-East it already a 
world leader in the fiekL 
Because of the size of the 
industry in the region and num- 
bers of academics already 
involved, the biotechnology col- 
laboration was a natural one. 
But an active agency was needed 
to poll the strands together in 
other fields. In other words, Dr 
Martfoniara.' 

- The institutions pay half the 
costs of s upp or tin g him in an 
office at Newcastle University, 
with the DTI meeting the rest far 
now and another government 
agency set to take over this share 
ox the funding in the spring. 

Dr MacNamara says: “The; 
expertise in research and train- 
ing which these fire institutions; 
offer is of i mm ense potential' 


tue of each individual's academic 

also been active in 
continuing education, ensuring 
that between them the institu- 
tions optimise high technology 
training for scientists In 
North-East industry. It has Euro-' 
petal money to support this 
through Comm, the European- 
Community action programme 
for education and training for 
technology. 

Dr MacNamara says: "We 
expect to became increai 
pro-active, particularly in 
engineering technologies.* 

IHF 


MetroCentre’s founder 


The man who took on 


retail Newcastle 







s vl ■ M 




JOHN HALL has became the 
apostle of the out-of-town shop- 

S ing lobby- He is the private 
eveloper who created the 
Metrocentre at Gateshead, 
apparently in direct competition 
to the established shopping facil- 
ities in Newcastle. 

• "Shopping can be the catalyst 
to reclaim derelict sites,* he says. 

And that is what has been done 
at Gateshead, for the Metro- 
Centre has been built on the site 
of an old coal ash tip. The notion 
has been recognised in the Gov- 
ernment’s planning instructions 
for local authorities. 

Although cool generally to the 
idea of huge new shopping cen- 
tres siphoning the life out of the 
very city centres that are the 
subject of major urban regen era- 
tion programmes, the latest draft 
circulars from the Department of 
the Environment nod in the 
direction of Mr h*h 
V ery exceptionally, said the 
Government's recent draft circu- 
lar on major out-of-town devel- 
opments, they may be accept- 
able where they result in the 
reclamation of a large area of 
■derelict land and other environ- 
mental improvements.” and 
where their impact Is likely to be 
diffuse. 

There was a degree of inevita- 
bility about that. The Depart' 
ment of Environment, regawless 
of the merits of the catalyst 
argument, was hardly likely to 'business park and cinema corn- 
kick at a concept which In the plot in north Middlesbrough. 


-SOL 





y 


• • -+ fe-. ; "V * 




u 

: ,;r : 


/ 


concept 

Nath-East has won the plaudits 
of Cabinet Ministers and an invi- 
tation to lunch at 10 Downing 
Street for Mr Hall 

•He has noted that the Metro- 
Centre has resulted in a large 
injection of funds to the 
depressed areas south of Newcas- 
tle. "We've cleared the dole 
queues on the south bank of the 
Tyne," he claimed earlier this 
year. 

Fa some the rise of the Metro- 
Centre is the symbol of the rise 
of the North-East, an im p r ession 
that the gushing publicity for 
the MetroCentre seeks to 
enhance - “an area which saw 
the start of the industrial revolu- 
tion is now ploying host to the 
start of the retail revolution.’ 

Mr HaU himself talks of Tees- 
side as the new gateway to 
Europe, picking up the mantle of 
Mr North-East. And with the 
MetroCentre under his belt, he is 
devising grandiose plans to turn 
‘the former Londonderry estates 
into golf courses, business parts, 
hotels and soon. 

At the retail level, he wants to 
build other MetroCentres, albeit 
cm a smaller scale, near Exeter. 
Birmingham and Edinburgh. But 
he has off Me p'*"* for 

MetroTees and is now consider- 
ing a mixed development of 
:retsfl warehouses, an industrial 


Gateshead's MetroCentre: symbol of the rise of the North-Cast? 

facts that MetroCentre continues 
to expand, that space continues 
to be let. 


Mr HaU says he is a dreamer. 
Others see him aa a visionary. 
But he would be the first to 
admit that the dream of the 
MetroCentre did not come all at 
once one dawn. Indeed, it was 
only the involvement of Maries 
and Spencer that turned it from 
yet another retail warehouse 
park into a mixed shopping cen- 
tre. 

And the centre itself grew like 
Tqpsy. As one surveyor who has 
been associated with the scheme 
from the early days observed, 
“the architect never caught up 
with the builder." 

Certainly Mr Hall has been 
prepared to take risks. Whether 
the MetroCentre will provide an 
adequate balance of reward 
remains to be seen. . . 

It started with Enterprise Zone 
tax advantages, which have 
given retailers a lower cost base 
than they would otherwise have 
had. But the tax breaks ran out 
In 1991 at around the time the 
first rent reviews will fall. Then 
will be when to see whether the 
scheme has been a commercisl 
success. 

While there has bean in the 
properly industry a steady drip 
of rumours that the retailers at 
the MetroCentre are disap- 
pointed with their takings so far, 
that has to be set against the 


Many of the High Street multi- 
ples are there and they have 
gathered around them a host of 
smaller retailers. About £140m 
has been invested. 

But as, in October, the Metro- 
Centre was opening new facili- 
ties, so too was the Eldon Square 
shopping centre in the middle of 
Newcastle. What the Metrocentre 
so far has failed to do is to draw 
much traffic away from the 
established Newcastle prime 
shopping areas. Its effect has 
been more marked in the smaller 
centres to the south and west 

Shopping traffic in Eldon 
Square has been closely moni- 
tored and the stores there have 
been reporting not a foil In their 
takings but rather, an average 
3-4 per cent slippage from their 
targets. 

This is significant because the 
interplay of MetroCentre and 
Eldon Square provides the best 
source of evidence on the effects 
of out-of-town shopping develop- 
ments on the commercial vitality 
of the traditional city centres. 
Yet it will take some time fa 
this evidence to accumulate. 
MetroCentre has been active fa 
barely a year. 

Paul Chaeseright 

Prop e rty Corr es pondent 


benefit to industry. We shall be 
co-ordinating the resources to 
make them as powerful as possi- 
ble and readily accessible to 
companies for exploitation.* 
Backi n g him up is a powerful 
executive on which each institn- 
s m a li labo- tion is represented at pro-vice 
exotic chenri- chancellor, dean or assistant* 
cals, much biotechnology is con- d ir ecta level The rank of each 
oenied with large-scale ind u st r ial executive member Is sufficient 
(processes such as fermentation for dedsiana to be taken that can 
land antibiotics manufacture, be implemented quickly by vin- 





WYNYAftD HAIL, the former Stately Home of 
the londondeny family, is the setting for Cameron 
HaU Developments latest project The scheme 
which is set in 5000 acres of mature landscape has 
been designed to offer UFE STYLE, something we 
believe is necessary for modem industry its 
management and staff. 

V\te believe there is nowhere else in the 
United Kingdom which can offeror 
laa&ties which are to be developed over the next 
five years. 

Compare what we have to offer 

Wynyand Hafl - Stately Home for Banquet* 
200-Bedroorn 45tar Hotel & Conference Facilities 
Three Golf Courses, 400 individual houses on 
Vd-aoe to Two-acre plots, Art Gallery, Museum 
lOOacre lake for windsurfing, fishing, boating, field 



ASP?" 


Three international standard golf courses wllidalght 
vbtor and resident afita. 



aid Country Park and of course, not forgetting the 
800 acre Business Park 

Wynyard -the future. 

We believe thatthese facilities for businesses 
and firms which are expanding and relocating in 
the UK are unrivalled and we offer you the 
opportunity of joining in the growth point of the 
Noth East 

The magic of Vfynyard is unforgettable. On os 
you visit it -you’ll never leave it 

"Vtynyard s the future - Teesside is the 
Gateway to Europe". 



ThfamagptfteerrtstateV home wffl be the c ontra for a 
better Und of Hffestyte, with countless leisure activities. 



A journey into splendour 

Another prajact by Cameron Hal Devdepowntx'M: (091) 488 8BZ5. 



AfcHJMto,2tkto»mhoteIwaaca)nimodstedet0^^ 
attending m tem a tionatconferencies. 


ilfyne salmon 
catches best th is 


centuryff 


Tony Champion, 
Chief Fisheries Officer 


“Tbisyear, the Tyne has become the best salmon river 
in England,* claims Tony Champion, Northumbrian Witer’s 
Chief Fisheries Officer. TVith over 1000 salmon caught 
this season, we have achieved the best salmon catches this 
century?” 

Even a few years ago, the idea that this could ever happen 
seemed an impossible dream. But that was before the Tyneside 
Sewage Treatment Scheme, a massive £150 million project being 
carried out by Northumbrian Vfeter. It is the biggest estuarial clean-up 
in Britain and the benefits are being felt, not only by fishermen, but 
also be everyone who KveS along its banks. The river is cleaner, sweeter 
and healthier and able to support an increasing marine population. 

Northumbrian Voter's environmental programme is also revitalising 
many other areas by improving the water quality of rivers like the Wear 
ami the Ikes. The work we have carried out on water resource planning, 
storage and distribution also means that industry in our Region will never 
be short of water, well into the next century. 

We may be the third-smallestwater authority in England and 
Wiles; but we’re biggest on ideas, enterprise and innovation. And, it 
seems, on salmon too. If you would like further information about 
Northumbrian Water's facilities, achievements and.fiiture 




NORTHUMBRIAN 


P0.Bax4,l 

Tfefc (091) 284 3151 Tries: 537419 Ffcc (091) 284 1 



SNE33PX 



— i. 




1 











Financial Times Monday Vnvmtarilm 


VI 


( NORTHERN ENGLAND 6 ) 


Gateshead festival 

Northern Kew 
takes shape 


THE SITE, or rather sites, of 
Gateshead National Garden 
Festival 1900, were once 
among the most polluted and 
despoiled to be found beside 
the Kiver Tyne. 

Reclamation of the former 
Redheugh Gasworks, the Nor- 
wood Cokeworks, the Thomas 
Ness Tarworka and the Nor- 
wood railway sidings repre- 
sents a major initiative by 
Gateshead Metropolitan Bor- 
ough Council- It spent &4m of 
Derelict Land Grant in under 
four years in accelerating a 
process which might other- 
wise have taken 30. 

By June. -.1988 reclamation 
will be complete and the 
framework in place for festi- 
val uses to take shape. 
NGF90, as it is known, is set 
to follow Liverpool, Stoke- 
on-Trent and Glasgow in the 
modern garden festival move- 
ment, which progresses to 
Ebbw Vale In 1992. It seems 
likely to be among the more 
memorable settings. 

A prime reason is location. 
Gateshead could hardly have 
chosen a tougher prospect 
than the four sites, linked by 
a disused rail corridor ana 

S mctuated by the noxious 
ver Team. Residual contam- 
ination included phenols, sul- 
phides, tars, heavy metals 


lat is why Mr David 


Cope- 

utive 


director, is preparing for a 
greener look than other festi- 
vals. The contrast of copious 
planting with the starts envi- 
ronment around promises 
great visual excitement. 

Mr Copeland is a planner by 
profession but his company, 
which has operational inde- 
pendence from the local 
authority, has eschewed a 
masterplan. Festival themes - 
childhood, Tyne heritage, 
homes and gardens - link with 
agreed after-uses of recre- 
ation, leisure activities and 
housing. The festival itself, 
however splendid, is princi- 
pally an enabler. 

without it, Gateshead 
would never have levered 



Your opportunity to 
/ ^ into the 
facilities, resources 
andservices 
oflCI. 

What's special about Belasis HaD Technology 
Park is that you can plug into the services that IQ 
uses to support its own businesses on Teesside. 
You can do it in a landscape designed for 
technology which offers an exceptionally high 
standard of accommodation with sizes to suit 
both small and large companies. The terms are 
very attractive ancfthe grant availability even 
more so. Clip the coupon now for the full story. 

Abetter business move- 


_ 7b: George Hunter, Chief Executive; 

I Belasis HaD Technology Park Ltd P.O. Box t Biffingham, 

■ Stockton-on-Tees, Cleveland TS23 1LB. 

1 Please rush me full details of the Belasis Hall 
| Technology Park development and the IQ support 
I Information. 

■ Name _ 

1 Company 

| Address — 

i 


i 



BELASIS HALL 

TECHNOLOGY PARK 

Belasis HaB Technology Park Ud, P.O. Box 1. Bffiingham, 
Stockton on Tfees, Cleveland TS23 ILB, England 


A joint initiative by 

Imperial Chemical Industries and Engfeh Estates North. C33 


National Garden 
Festival Site 

Gateshead 1990 


Newcastle 
D Central Station 


Tyne 


and a 20ft layer of compacted 
coal dost. 

On one flank is a 1960s 
municipal housing estate, 
whose massive tower block, 
known as The Rocket, domi- 
nates the skyline. On the 
other, gasholders protrude. 
The Tyne shore is dominated 
by the massive silhouette of 
the coal staiths, whose cente- 
nary falls in 1990. 

It is not the sort of place 
where you might expect to 
find hundreds of rare tree 
; cies, a Northern Kew. 



£6.4m in derelict land grant 
for the 200-acre site, let alone 
a further £13.6m from other 
public purse sources to multi- 
ply the borough’s own £5.8m 
injection. Private sector con- 
tributions should add an 
all-important £4m to capital 
spending, phis £6m in spon- 
sorship. Projected operational 
profits of £5m during the 
summer of 1990 suggest an 
overall budget in excess of 
£40m. 

That is big money, and 
Gateshead MBC will be guar- 
anteeing revenue costs of up 
to &8m to encourage partici- 
pation. On present evidence 
there will be no lade of tak- 
ers. NGF90 is in the process 
of negotiating main-title spon- 
sors; the £4m capital injec- 
tion will come from end-us- 
ers. The main problem, as 
ever, is time. 

Reclamation offered a par- 
ticular challenge on the key 
Redheugh site, where pollu- 
tion was too imbedded for the 
ground simply to be capped 
.off. Given massive 
demands, the borough's : 
relation team decided to imple- 
ment a capillary break blan- 
ket method invented by Dr 
Tom Cairney of Liverpool 
Polytechnic. This admixture 
of pulverised fly ash, crushed 
dolomite and sand allows 
downward percolation but no 
upward movement. PFA Is 
also being used in the sub- 
soil, along with straw and 
100,000 cubic metres of silt 
dredged from the Tyne. Top-' 
soil, stored nearby, comes 
from the Nissan factory site 
at Washington. 

The' staiths fronting 
Redheugh, listed for their his- 
toric importance, are under 
restoration at a cost of 
&1.25zn. Their gantries win be 
put back In working order, 
and track Is being laid for 
period steam locomotives. 
Steam is already lined up in 
the presence of the Raven- 
glass and Eskdale narrow 
gauge railway, which will 
serve as a distributor around 
the two northern sites. A 
slow-moving monorail, pre- 
funded by a Belgian firm, 
does a similar job around the 
southern sections. 

One established 
principle is that all 
vehicles are segregated from 
pedestrians. Given the dis- 
tance between sites, with car 
and coach parking necessarily 
on the fringes, balance ana 
distribution of visitors - at 
least 25,000 are expected on 
peak days - will be crucial. To 
this e nd a continuous road 
train service will ran on its 


own track between the main 
transit points. 

Pedestrians can make the 
same journey on a spine foot- 
path with shelter points 
every 100 yards and shop- 
ping along the corridor sec- 
tion. The path could also 
accommodate a linear modern 
art exhibition - if there is 
room. Some of the early tree 
„ lm already) is 
1 by rival uses. 

Regionally-based landscape 
architect practices were 
awarded £1,000 each to pro- 
duce ideas around the exist- 
ing structure and themes. 
Each, says Mr Copeland, will 
be offered further work on 
merit. That is ai w> Ms atti- 
tude to the nurseries and gar- 
den centres seeking to supply 
plants. Where possible, all 
contracts are to be let locally 
but rarer species or specifica- 
tions may nave to come from 
further weld. 

Despite NGnW’s quest for 
excellence, its appeal win be 
unashamedly popular. 
Indeed, this combination of 
high horticultural and ame- 
nity standards linked with 
themes like Magic and Illu- 
sion or The /Ultra, is hoped 
to create a heady brew of 
local enthusiasm, regional 
pride and national recogni- 
tion. 

Will its success, in the end, 
be measured simply in num- 
bers? Mr Copeland paints to 
the huge vested Interests, 
public and private, in a £40m 
project, all with different 
objectives and individual 
ways of reckoning value for 
money. There are bound to be 
those who feel unhappy. 

However, he has no doubt 
that the festival will offer a 
major boost to the North- 
East's image and self-esteem. 
It will provide a legacy of 
exciting tourist attractions 
along the Tyne, of high qual- 
ity recreational faculties, of 
private and rented homring 

Perhaps the spirit of NGF90 
Is best summed up by a two- 
acre section beside the River 
Team in Redheugh where a 
Third World village is 
planned. Visitors will enter 
through an aircraft fuselage, 
and groups from different 
countries will demonstrate 
the realities of their everyday 
life. It is a symbol that a rich 
nation with the ability to 
regenerate one of its own 
devastated areas has not for- 
gotten the wider perspective. 

Robert Waterhouse 


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EVERYONE KNOWS where row, am* British Nuclear Frols 
Cumbria is located on the map. (BNFL) at Sellafield - are Inter- 

nn r. i- , . _ j »_ nr-*nA in Bfavind tr 


VUiUVUO ifcV O LCM Wit UlC iUULA _ t . 

Where it is tooted in terms of ested 


Cumbria has a problem in 
Workington. where 14 per cent 

unemplbyiri 


DwriopmerS Confusion abounds, parti: 
Company (NDQ claims it for the because of the Government 
North-its major employers - who stance. Cumbria is in the Noiti 


Ions is something buoyant N — 

- * Confusion abounds, 


partly 
nent’s 

ivortn; ns major' employers - who stance. Cumbria is in the North 
contribute massively to future for statistical purposes but in the 
Indu str ial development - want it North-West when it comes to 

administration by the Dep°’*- 

mente of the Environment 


in the more unemployment h3s g.*en -t 
m Ute mu development area status, but 

Carlisle has remained stab* with 
United Biscuits, Pirelli ana 


in the North-West. 
Meanwhile, the 


, county - 

formed in the 1970s by the amal- 


and Trade and Industry (L - 
The Government puts it in the 


*v**u«w u< w wiw ine government puu » m ui« 

gamation of Cumberland and North when the monthly unem- _ 
Westmorland with parts of north payment come out, for - which, 

Lancashire - payajts dues to ^x^npie. The official reason is 


tie big employers, and Cavaghan 
and Gray, one of 3i's torg term 
success stories as a major sup- 
plier of quiches and other high 
quality foods to Maries and Spen- 
cer. 

Job creation efforts are very 

locally 

ch. aft! 


npie. The 

that Cumbria was in the North 

statistical 

confuse mat- 


em Region’s 


Inward, the North-West’s inward 
investment agency, not the NDC. 

Cumbria County Council has base and it 
yet to decide whether it wants to tens to change it. 
go into the NDC as a fully However, Cumbria's figures 
paid-up member. Carlisle City are broken out easily an request 
Council has voted in favour but and, with modern computing, 
has no general support in much change and recalculation of the 
of industry and commerce; par- base would not be difficult. One 
ticularly in West Cambria. cynical view *• **»•*■ CumKri, 1 , 


much locally based. British Steel 

_ igh 

since dosed its we 


though it has long 

1 its West Cumbrian 

blast furnaces, has one of the 
world's leading rail making 
plants m the area - is very active 
through BSC Industry. V5EL has 
one of the biggest training pro- 
grammes in Britain. 

Meanwhile, BNFLhas recently 

announced a £lm a year contri- 
bution to the West Cumbria Ini- 


fuily rommiWd tn hi* Mf. 

He tw vw priWMfal fry; 
m the Government, but so . 
Dr Rcrir-’y l*ach. eg* 
live of VaEL who it£v m t 
wjiru compared wilh the ? 
Mf<i foul* into the hr 

of Man master, rommytoraiii 
13 x*-aras?ic nwlrr a twmmm 
an east-wrsi link. 

Mr Atkinson csiftia tfcto, 1 
savs fhs' Carlisle's rare to U 
with SrvrcssUr - mites ak 
th* ABO. compared with 5 
miles ta M*n?.h«inr - mu 
*>nre. But while he says that i 
same appii** to iu w Cumt 
north of Shop fell. He 9dm 
that the natural affln.ry for ax 
where south of Ship * with t 
Northwest. 

The people lobbying agalr 
him say the greater logic U 
keep all of Cumbna in the Wi 
which ia *h* 


Critically, two of the most low unem 

powerful dements in the Indus- 10 per cent helps < 

trial infrastructure - VSEL, the bad things really are in the 
Trident submarine yard at Bar- North-East. 


w no * be aunciatune bution to the West Cumbna iru- region, whirh ia whj 

let* is that Cumbnas tiative, aimed at widening the - t geographically, as the t 
iptoyraent rate of under industrial base and fostering uriustrSsmrrt want 
mt helps disguise how more small business growth. “V? ■ 


Tourism 


Penny-pinching is 
bad housekeeping 


TOURISM IN Cumbria and Nor- 
thumbria, the two ETB regions 
for Northern England, is a mul- 
ti-million pound business. Last 
veer it was worth an estimated 
£256m to Cumbria and £230m to 
Northumbria, providing around 
50,000 valuable Jobs across the 
North. Yet the two tourist 
boards, with a combined turn- 
over of just £1.07m, are battling 
to conserve their operational 
pennies for everyday survival 

Northumbria Tourist Board, 
whose bailiwick extends from. 
Middlesbrough to Berwick-on- 
Tweed, is currently considering 
travel restrictions chi its develop- 
ment staff. Cumbria asks jour- 
nalists to kindly return back- 
ground documents, or cough up 
the shelf price. 

The tourist boards claim their 
housekeeping practices are 
alre ady s tringent. They say that 
the ETB has Indicated standstill 
budgets for next financial year. 
Many of the local authorities 
which support them are rate- 
capped. The principal expansion 
route is through sponsorship, 
and in Cumbria at least commer- 
cial membership would be diffi- 
cult to improve. 

Grant aid for tourism projects, 
whic h comes from a separate 
ETB allocation, amounted to 
£644,000 in Northumbria during 
1986-87, levering S4jj7m and 256 
jobs. In Cumbria £510,000 
brought an investment of £4jj9m 
and 116 Jobs. 

Because they are geographi- 
cally large but .numerically 
small, Cumbria and Northumbria 
have most to gain from member- 
ship of the Northern Consortium 
of tourist boards, whose joint 
overseas marketing of “England's 
North Country,” using Manches- 
ter Airport as the gateway, 
shows great potential. 

At the other end of things, 
Northumbria recently set up its 
own community programme 
in partnership with the 
which led to the staffing of 
a tourist information centre at 
Newcastle Airport. 

In comparison with the other 
regional board areas, Cumbria 
and Northumbria form the bot- 
tom league, with 15m and 16m 
bed nights recorded respectively 
during 1986 (Thames and Chil- 
terns was the next lowest at 
30m). However, tourism’s impor- 
tance to the Northern Region’s 
economy is double the national 
average in job terms. 

This Is brought about by a 
combination of geography, 
\y and industrial reces- 
sion. With the current agricul- 
tural crisis, farmers are also 
turning to tourism as a valuable 
source of income. Most of the 
region comes within rural devel- 
opment areas, while land over 
800ft is officially a Less 
Favoured Area for fanning. Such 
designations bring access to 
Development Commission and 
European Community funds. 
The challenges - and opportuni- 
ties - vary widely across the 
region. Cumbria acknowledges 
that the Lake District becomes 
unhealthily full tn season. Offi- 
cial polity is to encourage tour- 
ism in the rest of the county, 
and special emphasis is being 
placed on both Penrith and Car- 
lisle as centres. Pom: publicity 
about Chernobyl fall-out over 
the fells has been balanced in a 
strange sort of way by British 
Nuclear Fuels' successful promo- 
tion of the Windscale visitor cen- 
tre. 


Northumbria, with no single 
tourist magnet, suffers from aJ 
lack of perceived identity. But' 
unlike Cumbria it has two major 
conurbations in Teesside and 
Tyne & Wear, whose smart busi- 
ness hotels offer potential fori 
weekend breaks. Mkldlesbro 
k only a few minutes from 
North Yorkshire Moors, and its 
hotels are good value. Newcastle 
c lai m s to be the liveliest regional 
centre in Britain. 

Attempting to create the miss- 
ing tourist i de n tity, the North- 
East's local authorities are 
becoming enthusiastic promoters 
of their own patch. Durham 
County Council sells the thane 
of the Prince Bishops who once 
ruled the world from Durham 
Cathedral. South Tyneside (or 
South Shields) majors or Cather- 
ine Cookson, tiie romantic novel- 
ist. Alnwick pushes the Percy 
connection as the Lion Heart of 
Northumberland. 

An Irony of the 


ny-pfnehing is that 
especially, is so marketable. As a 
tourist region it has just about 
everything, from Hadrian’s Wall 
to the Metro Centre, from 
Isle to the Kidder Forest, 
superb communications and 
space for all Any image prob- 
lems are illusory. Those who 
come and see tor themselves 
know better. Yet Northumbria 
attracts consistently low percent- 
ages of tourists from overseas, 
and from el se w h ere in England. 

Mr Stephen Gent, Northumbria 
TB’s development officer, 
believes that in the long ran it is 
better to have a variety of 
themes than a honeypot like the 
Lake District. He is worried that 
facilities could be stretched by 
the great influx of people expec- 
ted for the Gateshead National 
Garden Festival in 1990. The rar- 
ity value of the North-East, 
something treasured by many 
visitors, might be dented. 

It is not that tourism organis- 
ers hide themselves away. On 
the contrary, they are phenome- 
nally busy year-round. Miss Jane 
Paterson, Northumbria’s senior 
marketing o fficer, reckons on a 
10-hour day and lots of weekend 
work. Tourist promotion does 
not have much of a career struc- 
ture and offers modest salary 
scales. It still suffers from the 
old slur that tourism is not a 
“real’ job. 

Cumbria, an old hand at man- 
Lake District crowds, is 
of Northumbria in produc- 
ing a strategy document for the 
coming five years. Its long list of 
objectives - nice opening up new 
areas, protecting and imi 
precious environments, 1 
tng traditional industries - ends 
with a plea for a first step in 
more realistic funding. Tn order 
to obtain maximum public and 
government support for the tour- 
ism industry, they should be 
informed about what the n eeds 
of the tourism industry are-. CTB 
and other age n cies urgently need 
resources to implement tM« 


Tourism in the North ol 
E n gla nd is more than a neces- 
sary curse. Its precisely-directed 
investment and its Mas towards 
self-help have real-life implica- 
tions for local communities. 
Cumbria and Northumbria tour- 
ist boards believe they are sim- 
ply asking for better tools to get 
on with an important job. 

Robert Waterhouse 


FINANCE FOR 
NORTHERN BUSINESS 


Tire Nbrtfau mhri a Unit Trust is a f u nd backed by lo c al money investing m g rowi n g 
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Since 1983, companies from a wide range of industries including manufacturing, 
chemicals, brewing and shipping have benefited from our support. 

Funds are available for investment in all types of business within Ckrcknd, Cumbria, 
Durham, Northumberland and Tyne and'Wbac 

We welcome en quiries fiwm gntigprenenrial and dgwlnping b usinesses lonlcmg for 
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Please contact Tony Denham or Tom Gluckiich at Development Capital Group Ltd., 
a Lazard Brothers subsidiary, 44 Baker Street, London Wl. Telephone 01-935 273L 

THE NORTHUMBRIA UNIT TRUST 


more small business growth. 
This is the sort of money the 
NDC could do with, but BNFL is 
not on its list of private sector 
backers. 

It is against this background 
that Mr Beay Atkinson, the 
NDCs chief executive, has been 
lobbying hard to get Cumbria 


This' is the sort of money the 

mg. however. He curow 
gives us a distinct advantage 
promoting the Northern Jti'gK 
especially regarding tourism ai 
the strength of existing ind; 
try.* 

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V 


U If 


1, 


MSV 1 



Flpaneial Times Monday November SO 1987 


C NORTHERN ENGLAND 5 ) 


Bio-technology 




*. . 


• J. 




Belasis spots 
a winner 


t m 


* *■ " ritf 


M J.'if . 



*y 



NOT MANY com 

in the realm of advanced tech- 
nology issue open invitations - 
well .almost open - to all and 
sunary to come and share their 
hard-won knowledge. What, 
makes the Belasis HaU Technol- 
ogy Park on Teesside so unusual 
is that ICI has done just that • 

Mr George Hunter, the technol- 
ogy park's chief executive, 
explains: "Anyone in the park 
will be free to knock on ICTs 
door. 

role is to unlock the sped- 
expertise used within ICI 
in supporting its own businesses 
and. make it available to the 
whole spectrum of tenants from 
Bm»]i firms to branches of inter- 
national companies. 5 

Few small firms can afford an 
electron microscope, but would 
give anything to get at one far 
an hour or so a month, be adds. 

A joint venture between ICI 
and English Estates, with sub- 
stantial fin an ci a l backing from 
both central and local govern- 
ment, the technology pane com- 
prises 167 acres of land dedicated 
by the company. 

English Estates is building 
50,000 sq ft of business accom- 
modation known as Belasis 
Court Finished in traditional red 
brick, Hie seven pavilions' are set 
around a courtyard and range 
from rent-a-desk with common 
services up to a 10,000 sq ft 
block. 

Although the first phase of 
building wflU consist of advance- 
built premises, there are also 1 
parcels of land, up to 16 acres, 
available for companies requir- 
ing purpose-built facilities. 

These may be constructed by- 
English Estates to a client's spec- 
ifications and then leased to him, 
or incoming Wm yn«y wish 


to build its own property. Mr 
Hunter says there are a number 
of options for future develop- 
ment of the park. He is actively 
seeking the involvement of ven- 
ture capital. 

The facilities Id is willing to 
make available to incoming ten- 
ants include information tech- 
nology, from plant control to the 
electronic office, and stretch 
from patent agents to the whole 
gamut of engineering dlscipitaes. 

The proximity of ICTs biologi- 
cal products business and the 
advanced materials re s e a rc h and 
development operation are seen 
as very si g nif i c a n t attractions. 

Companies setting up in the 
technology park will also benefit 
from close contact with the 
region's academic woridL In 1983. 
the universities of Durham and 
Newcastle, together with the 
polytechnics of Teesside, Sunder- 
land and Newcastle set up a col- 
laborative working gro u p known 
as Hesin (Higher Educational 
S up port for Industry In the 

Significantly, as ks first ven- 
ture in collaboration, Hesin 
chose biotechnology, with the 
arrival in the region of several 
specialised firms, such as Ixnmu- 
no-diagnostlcs. Marlborough BSo- 
polymers and NBL Enzymes, and 
the presence of giants Boots and 
Glaxo, the North-East is already 
being seal as a major centre for 
the rapidly expanding UK Uo-. 
technology industry. 

This strength is one on which 
Belasis Hall Technology Park 
hopes to capitalise. Mr 
John RusariL Id Biological Prod- 
ucts general manager outlines 
some of the options: 

“We focus on the success of the 
venture and are prepared to be 
flexible about the nature of our 



relationship. This can be a sim- 
ple structured collaboration, a 
joint venture, a licensing 
arrangement or possibly contract 
work. 

Mr Hunter admits that access 
to ICI know-how cannot be 
totally open-ended. If informa- 
tion. could give commercial 
advantage to a competitor, there 
would be reservations. On the 
other hand. Id' would have to 
learn to live with worries about 
incoming firms headhunting the 
chemical giant's bright young 
men and persuading them to 
cross the road. 

Construction of the first 
of the technology park by 
pey has gone well and is ahead 


of schedule. The main buildings 
in Belasis Court were completed 
in three months and the mov- 
ing-in date for the first tenants 
has been toiught forward from 
May to March next year. 

The first company has already- 
been signed up and talks are 
under way with eight others 
about the facilities they require. 

Forty inquiries have been 
received, of which 25 look prom- 
ising. 

The Northern Development ... 

Company Is helping with the Belasis HaU is setting a trend 
marketing of the park, both in in technology park concepts, 
other parts of the UK and asserts Mr Hunter adding that 
abroad. US inquiries so far he intends to keep it that way. 
include specialist engineering 

and health care companies. How- Ewart Mann 


ever, 70 per cent of inquiries 
have come from within 100 miles 
of Teesside. 

It is accepted that not all ten- 
ants will want to tap-in to ICL 
Some may just want to locate in 
high-quality buildings in a park- 
land setting, which is why 
£500,000 is being spent at the 
outset 
the 
ahnr 
ting. 


The best 
ageofitskia 
In Britain 





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We come out 
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Education and industry 

Hesin’s key role 


THE NORTH-EASTS two uni- 
versities and three polytechnics 
have year organised them- 
selves to offer joint support to 
industry in high technology 
fields and help farce the pace of 
economic growth in the ; 

They famed an 
called Hesin - Higher 
Support for Industry - In 1983, 
but in -Jul y they -gave -the ■ body 
some teeth by appointing Dr 
;0£sin IbcNamin to market 
Hesin in the region and, through 
the NDC's network, abroad. 

Hie universities of Newcastle 
and Durham and the polytech- 
nics of Sunderland, Teesskw and 
'Newcastle are the aganlsatian's 
'members. 

Hesbi’s record to date has been 
founded In biotechnology, where 
it has had notable success in 
academics <wd 
_ is strong 

in the area through the pharma- 
ceuticals industry and 
expertise in heavy 

Contrary to popular 
.about test tubes and sms 
rataries 


The North-East it already a 
world leader in the fiekL 
Because of the size of the 
industry in the region and num- 
bers of academics already 
involved, the biotechnology col- 
laboration was a natural one. 
But an active agency was needed 
to poll the strands together in 
other fields. In other words, Dr 
Martfoniara.' 

- The institutions pay half the 
costs of s upp or tin g him in an 
office at Newcastle University, 
with the DTI meeting the rest far 
now and another government 
agency set to take over this share 
ox the funding in the spring. 

Dr MacNamara says: “The; 
expertise in research and train- 
ing which these fire institutions; 
offer is of i mm ense potential' 


tue of each individual's academic 

also been active in 
continuing education, ensuring 
that between them the institu- 
tions optimise high technology 
training for scientists In 
North-East industry. It has Euro-' 
petal money to support this 
through Comm, the European- 
Community action programme 
for education and training for 
technology. 

Dr MacNamara says: "We 
expect to became increai 
pro-active, particularly in 
engineering technologies.* 

IHF 


MetroCentre’s founder 


The man who took on 


retail Newcastle 







s vl ■ M 




JOHN HALL has became the 
apostle of the out-of-town shop- 

S ing lobby- He is the private 
eveloper who created the 
Metrocentre at Gateshead, 
apparently in direct competition 
to the established shopping facil- 
ities in Newcastle. 

• "Shopping can be the catalyst 
to reclaim derelict sites,* he says. 

And that is what has been done 
at Gateshead, for the Metro- 
Centre has been built on the site 
of an old coal ash tip. The notion 
has been recognised in the Gov- 
ernment’s planning instructions 
for local authorities. 

Although cool generally to the 
idea of huge new shopping cen- 
tres siphoning the life out of the 
very city centres that are the 
subject of major urban regen era- 
tion programmes, the latest draft 
circulars from the Department of 
the Environment nod in the 
direction of Mr h*h 
V ery exceptionally, said the 
Government's recent draft circu- 
lar on major out-of-town devel- 
opments, they may be accept- 
able where they result in the 
reclamation of a large area of 
■derelict land and other environ- 
mental improvements.” and 
where their impact Is likely to be 
diffuse. 

There was a degree of inevita- 
bility about that. The Depart' 
ment of Environment, regawless 
of the merits of the catalyst 
argument, was hardly likely to 'business park and cinema corn- 
kick at a concept which In the plot in north Middlesbrough. 


-SOL 





y 


• • -+ fe-. ; "V * 




u 

: ,;r : 


/ 


concept 

Nath-East has won the plaudits 
of Cabinet Ministers and an invi- 
tation to lunch at 10 Downing 
Street for Mr Hall 

•He has noted that the Metro- 
Centre has resulted in a large 
injection of funds to the 
depressed areas south of Newcas- 
tle. "We've cleared the dole 
queues on the south bank of the 
Tyne," he claimed earlier this 
year. 

Fa some the rise of the Metro- 
Centre is the symbol of the rise 
of the North-East, an im p r ession 
that the gushing publicity for 
the MetroCentre seeks to 
enhance - “an area which saw 
the start of the industrial revolu- 
tion is now ploying host to the 
start of the retail revolution.’ 

Mr HaU himself talks of Tees- 
side as the new gateway to 
Europe, picking up the mantle of 
Mr North-East. And with the 
MetroCentre under his belt, he is 
devising grandiose plans to turn 
‘the former Londonderry estates 
into golf courses, business parts, 
hotels and soon. 

At the retail level, he wants to 
build other MetroCentres, albeit 
cm a smaller scale, near Exeter. 
Birmingham and Edinburgh. But 
he has off Me p'*"* for 

MetroTees and is now consider- 
ing a mixed development of 
:retsfl warehouses, an industrial 


Gateshead's MetroCentre: symbol of the rise of the North-Cast? 

facts that MetroCentre continues 
to expand, that space continues 
to be let. 


Mr HaU says he is a dreamer. 
Others see him aa a visionary. 
But he would be the first to 
admit that the dream of the 
MetroCentre did not come all at 
once one dawn. Indeed, it was 
only the involvement of Maries 
and Spencer that turned it from 
yet another retail warehouse 
park into a mixed shopping cen- 
tre. 

And the centre itself grew like 
Tqpsy. As one surveyor who has 
been associated with the scheme 
from the early days observed, 
“the architect never caught up 
with the builder." 

Certainly Mr Hall has been 
prepared to take risks. Whether 
the MetroCentre will provide an 
adequate balance of reward 
remains to be seen. . . 

It started with Enterprise Zone 
tax advantages, which have 
given retailers a lower cost base 
than they would otherwise have 
had. But the tax breaks ran out 
In 1991 at around the time the 
first rent reviews will fall. Then 
will be when to see whether the 
scheme has been a commercisl 
success. 

While there has bean in the 
properly industry a steady drip 
of rumours that the retailers at 
the MetroCentre are disap- 
pointed with their takings so far, 
that has to be set against the 


Many of the High Street multi- 
ples are there and they have 
gathered around them a host of 
smaller retailers. About £140m 
has been invested. 

But as, in October, the Metro- 
Centre was opening new facili- 
ties, so too was the Eldon Square 
shopping centre in the middle of 
Newcastle. What the Metrocentre 
so far has failed to do is to draw 
much traffic away from the 
established Newcastle prime 
shopping areas. Its effect has 
been more marked in the smaller 
centres to the south and west 

Shopping traffic in Eldon 
Square has been closely moni- 
tored and the stores there have 
been reporting not a foil In their 
takings but rather, an average 
3-4 per cent slippage from their 
targets. 

This is significant because the 
interplay of MetroCentre and 
Eldon Square provides the best 
source of evidence on the effects 
of out-of-town shopping develop- 
ments on the commercial vitality 
of the traditional city centres. 
Yet it will take some time fa 
this evidence to accumulate. 
MetroCentre has been active fa 
barely a year. 

Paul Chaeseright 

Prop e rty Corr es pondent 


benefit to industry. We shall be 
co-ordinating the resources to 
make them as powerful as possi- 
ble and readily accessible to 
companies for exploitation.* 
Backi n g him up is a powerful 
executive on which each institn- 
s m a li labo- tion is represented at pro-vice 
exotic chenri- chancellor, dean or assistant* 
cals, much biotechnology is con- d ir ecta level The rank of each 
oenied with large-scale ind u st r ial executive member Is sufficient 
(processes such as fermentation for dedsiana to be taken that can 
land antibiotics manufacture, be implemented quickly by vin- 





WYNYAftD HAIL, the former Stately Home of 
the londondeny family, is the setting for Cameron 
HaU Developments latest project The scheme 
which is set in 5000 acres of mature landscape has 
been designed to offer UFE STYLE, something we 
believe is necessary for modem industry its 
management and staff. 

V\te believe there is nowhere else in the 
United Kingdom which can offeror 
laa&ties which are to be developed over the next 
five years. 

Compare what we have to offer 

Wynyand Hafl - Stately Home for Banquet* 
200-Bedroorn 45tar Hotel & Conference Facilities 
Three Golf Courses, 400 individual houses on 
Vd-aoe to Two-acre plots, Art Gallery, Museum 
lOOacre lake for windsurfing, fishing, boating, field 



ASP?" 


Three international standard golf courses wllidalght 
vbtor and resident afita. 



aid Country Park and of course, not forgetting the 
800 acre Business Park 

Wynyard -the future. 

We believe thatthese facilities for businesses 
and firms which are expanding and relocating in 
the UK are unrivalled and we offer you the 
opportunity of joining in the growth point of the 
Noth East 

The magic of Vfynyard is unforgettable. On os 
you visit it -you’ll never leave it 

"Vtynyard s the future - Teesside is the 
Gateway to Europe". 



ThfamagptfteerrtstateV home wffl be the c ontra for a 
better Und of Hffestyte, with countless leisure activities. 



A journey into splendour 

Another prajact by Cameron Hal Devdepowntx'M: (091) 488 8BZ5. 



AfcHJMto,2tkto»mhoteIwaaca)nimodstedet0^^ 
attending m tem a tionatconferencies. 


ilfyne salmon 
catches best th is 


centuryff 


Tony Champion, 
Chief Fisheries Officer 


“Tbisyear, the Tyne has become the best salmon river 
in England,* claims Tony Champion, Northumbrian Witer’s 
Chief Fisheries Officer. TVith over 1000 salmon caught 
this season, we have achieved the best salmon catches this 
century?” 

Even a few years ago, the idea that this could ever happen 
seemed an impossible dream. But that was before the Tyneside 
Sewage Treatment Scheme, a massive £150 million project being 
carried out by Northumbrian Vfeter. It is the biggest estuarial clean-up 
in Britain and the benefits are being felt, not only by fishermen, but 
also be everyone who KveS along its banks. The river is cleaner, sweeter 
and healthier and able to support an increasing marine population. 

Northumbrian Voter's environmental programme is also revitalising 
many other areas by improving the water quality of rivers like the Wear 
ami the Ikes. The work we have carried out on water resource planning, 
storage and distribution also means that industry in our Region will never 
be short of water, well into the next century. 

We may be the third-smallestwater authority in England and 
Wiles; but we’re biggest on ideas, enterprise and innovation. And, it 
seems, on salmon too. If you would like further information about 
Northumbrian Water's facilities, achievements and.fiiture 




NORTHUMBRIAN 


P0.Bax4,l 

Tfefc (091) 284 3151 Tries: 537419 Ffcc (091) 284 1 



SNE33PX 



— i. 




1